Hormuz Strait: Iran devastated by American blockade in Hormuz, 6 billion dollars lost, economy in abyss!
Tehran: Iran has suffered a loss of more than $6 billion so far due to the US blockade. Iran’s crude oil exports have reached their lowest level in six years in the last month. Let us tell you that America started the blockade of Iran’s ports on April 13 and Trump is still pressurizing him to accept the terms of the peace agreements. At the same time, Tehran has called it illegal and called the action of seizing American ships near its ports as piracy.
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Due to the closure of this oil supply, energy prices increased rapidly all over the world and there was a huge decline in exports from Gulf countries like Saudi Arabia, Kuwait, Iraq and United Arab Emirates. However, before this blockade, Iran was largely successful in continuing its oil exports. In fact, Iran benefited greatly from this and oil exports increased rapidly. But this situation changed rapidly after the American blockade started. Due to this blockade, Iran’s economy is now suffering huge economic losses due to which the question is arising that for how long will Iran be able to continue this war?
What has been the impact on Iran’s oil exports?
Iran’s crude oil and condensate exports fell from nearly 2 million barrels per day in May to less than 3 million bpd, according to trade intelligence firm Kpler. This Kpler used data from 40 days before the start of the blockade for comparison. These data show that Iran’s crude oil prices remained above $90 per barrel and sometimes even exceeded $100.
Assuming a price of $90 per barrel, exports of 300,000 barrels per day (bpd) would have earned about $27 million each day or about $837 million in the month of May. In March, when exports averaged 1.84 million barrels per day, Iran was earning about $5.13 billion in a month. Exports in April averaged 1.34 million barrels per day, earning about $3.62 billion during the month.
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How long will Iran stand before America?
According to ‘Lloyd’s List’ data, Iran’s oil earnings were about 84 percent less in May compared to March. Iran suffered a loss of $5.8 billion in April and May. Kepler reported in Al Jazeera that the volume of new oil moving out of Iran has dropped significantly due to the blockade, but that this may not account for all Iranian oil reaching buyers. Because some cargo is being transferred between ships near Malaysia.
Is Iran still producing oil?
Iran is producing crude oil but it is forced to store the oil. Because he is not able to sell the oil. Energy policy researcher and consultant Mark Ayoub told Al Jazeera, ‘Iran is using its remaining storage capacity strategically. According to the data, the blockade is working but the real pressure will come when that storage starts to run out. This means that when Iran runs out of its ability to store oil, it will be forced to stop oil production.
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