Bimco: Iran dispute could move oil trade to West Africa

Saudi Arabia’s willingness to fill the vacuum left by the oil embargo on Iran means that the conflict has not yet had significant consequences for tanker companies, states the international maritime council, BIMCO.

The embargo conflict between the U.S. and EU on one side and Iran on the other is becoming ever more critical. In the long term, the conflict could cause Asian countries such as China to relocate import of oil to West Africa, maintains the international maritime council, Bimco.

So far, the embargo against Iran has had relatively little effect on the overall production in the Arabic countries, due to the fact that Saudi Arabia to a certain extent has taken over. Consequently, neither the recipient countries nor the shipping companies have been affected very significantly. Yet, lately both China and India have made pronouncements that indicate both countries clearly do not agree with the embargo because it makes it more difficult for them to obtain an adequate supply of oil.

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