At least four European shipowners are making huge margins on transporting Iranian crude oil to Europe, with rates reaching Worldscale 65 or $15 per metric tonne (mt), as the 4 November deadline for US sanctions against Iranian oil approaches. According to Platts, typical rates from the Middle East to Europe have been around Worldscale 30 or $6.94/mt, but Iranian shipments to Europe have begun to slow down and a premium has been added for risk. Iranian crude exports to Europe in June and July have fallen to 400,000-500,000 b/d, according to Platts estimates. The price of Brent crude, which is traded in London at $US50 (£30), fell by more than $1 a barrel after Iran announced it would not be complying with new sanctions.
At least four European shipowners are making huge margins on transporting Iranian crude oil to Europe, with rates reaching Worldscale 65 or $15 per metric tonne (mt), as the 4 November deadline for US sanctions against Iranian oil approaches. According to Platts, typical rates from the Middle East to Europe have been around Worldscale 30 or $6.94/mt, but Iranian shipments to Europe have begun to slow down and a premium has been added for risk. The price of Brent crude, which is traded in London at $US50 (£30), fell by more than $1 a barrel after Iran announced it would not be complying with new sanctions.