Saudi Arabia has found a way to slow the growth of Iran’s oil exports


Saudi Arabia has banned ships with Iranian oil to enter its territorial waters, reported Financial Times, citing traders and Shipbrokers.

The publication writes that in February an unnamed insurance company that insures the carriage of goods, reported that Saudi Arabia and Bahrain have restricted the access of tankers with Iranian oil to its ports. In addition, vessels that indicate Iranian ports among the last destinations on the route, would require the consent of the authorities of Saudi Arabia and Bahrain to enter in their territorial waters, the newspaper writes with reference to the notification.

State oil company Saudi Aramco and the national shipping company of Saudi Arabia has not responded to requests for comment. Association of tanker owners Intertanko and other market participants said that Saudi Arabia has not issued a formal notice, writes the FT.

Iran received an opportunity to resume oil exports to Europe following the lifting of sanctions in January. On Sunday the oil Minister of the country Bijan Zanganeh said in March Iran increased its exports of oil and gas condensate to over 2 million barrels per day, passed the Iranian news Agency Shana.

The Mehr Agency on 2 April wrote that Zanganeh in conversation with the correspondent has declared that Iran will continue to increase production and export of oil until, until they reach dosection indicators. The Agency also wrote that the Minister had promised to attend a meeting of oil exporters in Doha April 17, if he has time. For its part, a source in the Ministry of oil of Iran told the newspaper The Wall Street Journal that Bijan Zanganeh gave these comments to the Agency Mehr 10 March and not last weekend.

At a meeting in Doha to discuss the issue of freezing the level of oil production at the level of January 2016. In February, Russia, Saudi Arabia, Venezuela and Qatar have agreed to freeze production if similar action by other manufacturers. April 1, Deputy crown Prince and defense Minister of Saudi Arabia Mohammed bin Salman in an interview with Bloomberg, stressed that Riyadh would freeze oil production only if the agreement to join Iran.