The Washington Post reporting that Iran can not find buyers for its oil, and is storing oil on tanker ships as a result.
This is a blatant lie because Iran’s oil sales have only increased since the U.S. led sanctions were imposed!
The latest example is of Zimbabwe, which has asked for an increase in Iranian oil and refined diesel fuel.
Also, three ship bookers, including Galbraith’s Ltd in London, confirmed that India is buying more Iranian oil. A Liberian (former U.S. African colony) tanker has been chartered to ship 130,000 metric tons of Iranian crude (per shipment?) to India!
If Iran is storing oil on tankers, why did India have to charter a tanker?
In fact, on May 11, 2012, one Indian official told the U.S. to ‘F’ themselves over the Iran oil sanctions: “Government of India is perfectly free to take a decision (on this issue). We do not take note of sanctions by other countries….So far as our sovereignty is concerned, we can assure that we will never allow any pressure…There will be less oil or more oil imported from Iran depending on demand. The oil [Indian] companies will decide that.”-Jaipal S. Reddy, India’s Minister of Petroleum and Natural Gas
Japanese media has just reported that Japanese oil companies are increasing the number of oil tanker ships. JX Nippon Oil & Energy has just bought three 5,000 ton class tankers, and is planning on buying a fourth. Cosmo Oil is buying an additional tanker.
Japan won an exemption from the U.S. oil sanctions against Iran, so guess where those new tankers are probably going to go for their crude cargo?
Another claim in the Washington Post article is that ships carrying Iranian oil can’t get insurance, because most maritime insurance companies are based in Europe. However, China and Japan are in the process of buying insurance from Iranian companies! The Iranian government is conducting a review to allow Iranian insurance companies to cover foreign ships.
Pakistan and Iran are in the process of creating a banking system that will allow Pakistan to buy Iranian oil and gas without going through the usual U.S./U.K. dominated international banking system.
The Iranian government is on the verge of privatizing 15 government controlled petroleum businesses. As part of the privatization process, the Iranian government has already sold 555 million shares of stocks in the companies, and more stocks will be issued!
On May 12, 2012, the Iranian Oil Ministry revealed they had “ratified” 16 new oil projects last year. That was out of 28 projects submitted.
If Iranian oil is just sitting at the docks, why is the Iranian government approving so many new petroleum projects?