Will Cunliffe
Research Analyst, The Officials
No seat at the table
Iran-Oman deal progresses, inconsistent loadings at CPC, producers in the Americas are winning and the US economy is performing well too.
Iran-Oman deal progresses, inconsistent loadings at CPC, producers in the Americas are winning and the US economy is performing well too.
The Iran-Oman deal seems to be grinding forwards. Iran says they’ve agreed on terms, without US involvement. Even if they successfully implement the bilateral control of Hormuz traffic, the US won’t remove its own blockade without a deal of its own. Any ship that exits via the proposed Oman-Iran agreement could be subject to US blockading for cooperating with Iran. Many majors fear doing direct deals as they don't know with certainty who has paid whom. This results in the deals being done by fast footed traders! Despite the continued stalemate, leakage of tankers through the Strait continues. The backlog of tankers in the Gulf has largely dissipated, as Kpler notes 25 ballast VLCCs and 31 loaded inside Hormuz. This is back to near pre-war levels, recovering from the seriously whacky numbers in the last five months.
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