Iranian exports of oil and condensate sank to the lowest level in at least six years in May, falling below 300K bbl/day, as the U.S. naval blockade of the Strait of Hormuz choked shipments and left tens of millions of barrels stranded at
Iranian oil supply to Chinese buyers squeezed by U.S. blockade (USO:NYSEARCA)
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The amount of Iranian oil offered to Chinese buyers has declined sharply and is rapidly running out, while prices have jumped, Reuters reported Friday, showing the effectiveness of the U.S. blockade of Iran’s ports in preventing new supply from leaving the Persian Gulf.