Iran’s petrochemical exports have plunged nearly 90 percent in the last two weeks, according to traders and shipping data.
That is because most shipping firms cannot get insurance to transport cargoes due to EU sanctions.
The sanctions banning European insurers and reinsurers from covering tankers carrying Iranian petrochemicals came into effect at the start of May.
Similar EU measures aimed at crude and oil products will start in July.
“Petrochemicals are definitely an indication of what could happen to crude, but I doubt the impact will be as strong,” said Erik Nikolai Stavseth, a shipping analyst with Arctic Securities.
Shipping data confirmed a sharp drop in Iranian petrochemical exports, which includes methanol, xylene and caustic soda, to around 60,000 tonnes a week in May from a weekly average of 350,000 tonnes last year.
However, Iran’s deputy oil minister, Abdolhossein Bayat, told local media earlier this month that the country’s petrochemical exports had not declined despite EU sanctions.
OPEC’s second-largest oil producer could be exporting more petrochemicals than what is evident from shipping data, as captains on some of Iran’s ships have turned off the black box transponders that monitor vessel movements.
Copyright © 2014 euronewsMore about:
- 1Tesco accounting snafu now subject of criminal probe
- 2Russian oligarch Yevtushenkov ordered to hand over oil company shares to the state
- 3How to get financing for a start up with no credit history
- 4Germany jobless fall, inflation remains weak
- 5Over 50 countries sign up to fight against global tax evasion
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International tv news | euronews: European and International tv news bulletin
- 3Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 4Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 5Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 6European Union News | euronews: latest breaking news and headlines about European Union
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8All you need to know about the Ebola virus | euronews, world news
- 9How nasheeds became the soundtrack of jihad | euronews, world news
- 10What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 11Where is the best place in Europe for women? | euronews, world news
- 12Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 13Ebola: Six new suspected cases in Spain | euronews, world news
- 14Learning through “serious games” | euronews, learning world
- 15International breaking news | euronews online world breaking news in video
- 16US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 17Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 18International news | euronews, latest international news
- 19Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 20US delivers technical aid to Ukraine but warns over security | euronews, world news
Wires > Business
- 18:29 CET Virgin Money lending rises ahead of planned London listing
- 18:16 CET Banks lead FTSE higher after Japanese stimulus boost
- 18:09 CET Ex-Monte Paschi chairman sentenced to jail in derivatives case
- 18:08 CET British banks buoyed by new rules on risk buffers
- 18:02 CET Banks boost FX settlement war chest to as much as $6.5 billion
- 17:51 CET British banks buoyed by new rules on risk buffers
- 16:23 CET Bank of England increases lenders’ risk buffers, but less than…
- 16:13 CET Banks lead FTSE higher after Japanese stimulus boost