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.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Russian rumour mill suggests Putin suffering poor health | euronews, world news
- 3Slovenia becomes 11th EU nation to approve gay marriage | euronews, world news
- 4[LIVE] Germanwings passenger jet crashes in southern France, 148 people on board – authorities | euronews, world news
- 5Indian rapist says women to blame for being sexually assaulted | euronews, world news
- 6Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 7International news | euronews, latest international news
- 8French Alps plane crash treated as suicide and mass murder by co-pilot | euronews, world news
- 9Why is Bulgaria the EU’s most unhappy country? | euronews, world news
- 10Greece’s claim for war reparations from Germany explained | euronews, world news
- 11eurovibes - a selection of Europe’s best music talent
- 12Reaching new heights: Parents in India scale walls to ‘help students cheat’ | euronews, world news
- 13Tens of thousands march in Moscow in memory of Boris Nemtsov | euronews, world news
- 14Handwriting and the digital age, time for change in schools? | euronews, learning world
- 15London calling: why home-loving Hungarians are flocking to British capital | euronews, reporter
- 16French prosecutor: Germanwings co-pilot appears to have crashed plane deliberately | euronews, world news
- 17Manufacturing jihad – Nicolas Hénin explains what he learned about ISIL | euronews, the global conversation
- 18Germanwings press conference mystery: what wasn’t he supposed to say? | euronews, world news
- 19Which EU country has the biggest gender pay gap? | euronews, world news
- 20Romania left red-faced after France-Germany map gaffe | euronews, world news
Wires > Business
- 11:03 CET Confidence grows strongly in euro zone economy in March
- 10:54 CET UAE drafting law for 100 percent foreign ownership of…
- 10:31 CET UK mortgage approvals rise to six-month high in February
- 10:11 CET Kingfisher’s Mr Bricolage deal collapses
- 09:54 CET Greece says not backing down on debt relief goal
- 09:48 CET Italy should expect to see 2015 GDP growth of 0.8 percent -…
- 09:45 CET Lafarge shares drop as Holcim shareholders balk at new deal terms
- 09:25 CET Compass sees first-half revenue growth of 5.5 percent