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:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5What will you ask US Senator John McCain? | euronews, world news
- 6Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 7Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 8India PM Modi appoints Yoga minister | euronews, world news
- 9[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 10European e-revolution people rise up | euronews, world news
- 11Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 12International tv news | euronews: European and International tv news bulletin
- 13Where is the best place in Europe for women? | euronews, world news
- 14Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 15euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 16Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 17Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 18International breaking news | euronews online world breaking news in video
- 19Transcript of hanged Iranian woman’s final message released | euronews, world news
- 20Catalonia announces new ‘independence plan’ | euronews, world news
Wires > Business
- 17:21 CET Indian growth slows less than feared, easing pressure for rate cut
- 16:58 CET EU banks have until 2020 to build up bigger safety buffer
- 16:51 CET Inside OPEC room, Naimi declares price war on U.S. shale oil
- 16:50 CET Standard Chartered hit with first S&P downgrade in 20 years
- 16:47 CET Barclays’ banking and mortgage complaints rise in third quarter
- 16:39 CET FTSE levels off as consumer spending counters energy slide
- 16:37 CET Intesa says Coutts international arm less valuable than whole group
- 16:31 CET European investors brace for volatility with bigger cash reserves…