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
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Sweden becomes first European nation to recognise Palestine | euronews, world news
- 7Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 8Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 9How nasheeds became the soundtrack of jihad | euronews, world news
- 10International tv news | euronews: European and International tv news bulletin
- 11Iceland volcano ‘pollutes Paris’ | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13European Union News | euronews: latest breaking news and headlines about European Union
- 14Learning through “serious games” | euronews, learning world
- 15euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 16Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 17US delivers technical aid to Ukraine but warns over security | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 20Battles rage for Donetsk airport despite Ukraine ceasefire | euronews, world news
Wires > Business
- 03:06 CET Asian shares hit by Wall Street fall, China PMI in focus
- 02:04 CET Private capital gets more bang in China as economic reforms step up
- 01:42 CET Talent shortage drives pay up in UK financial services, tech…
- 01:24 CET Lloyds was not pushed to sell branches to Co-operative Bank -…
- 01:23 CET Plant revamps push UK car production down 3 percent in September
- 01:19 CET UK consumer confidence tumbles in October on job insecurity -…
- 01:17 CET Plant revamps push UK car production down 3 percent in September
- 01:16 CET Consumer confidence tumbles in October on job insecurity – survey