Azernews.Az

Ulviyya Poladova

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Iran’s oil exports have almost completely stopped as a result of the US naval blockade, while the prospects of reaching an agreement to end the war in the near future remain spectral.

This assessment was included in a report by consulting firm FGE NexantECA.

There is little progress towards an agreement that would temporarily reopen the Strait of Hormuz. The situation has reportedly become even more difficult than it was before the memorandum of understanding signed in June.

According to the report, only around 200,000-300,000 barrels of Iranian oil per day are reaching international markets through Iraq. Iran is expected to face a shortage of financial resources by late November.

The near-total suspension of oil supplies has deprived Tehran of a major source of revenue amid a war that has lasted more than eight months.

Before the conflict, China was the main buyer of Iran's sanctioned crude oil. Iranian oil, often offered at discounted prices, was particularly popular among independent Chinese refineries.

Meanwhile, Bloomberg's calculations based on ship-tracking data indicate that no crude oil was loaded onto tankers in September or October. September thus became the first month since the war began in February in which no Iranian oil shipments were recorded.

Image: Reuters