The Iran oil ban has forced most countries to search for new markets for their oil deficiency, provoking major shift in tanker destinations ton-mile demand. It has also resulted to disruptions in oil deliveries and fuel shortages in different places in the world. In recent reports it's told that Iran is trying to buy time. The ban made by the US and EU made a record decline in crude oil production and exports from Iran.
Iranian crude production went down from 22 years low a month ago. This drop is compensated by Saudi Arabian crude, with Russia and Iraq also sending additional supplies. Still, industry analysis are showing an even bigger fall in crude production. Crude oil exports from Iranian side are also likely to follow suit.
This oil embargo is costing Iran around $3 billion in lost revenue each month, damage to the country’s economy must be starting to take its toll. It's not know what will be the effect in next months. This oil ban could result badly to Iranian fleet and the trading.
The situation maybe is getting worse and worse...