The Wall Street Journal reported March 22 that US sanctions have prevented Iran from exporting oil to Syria since January 2, down from an average of 66,000 barrels per day (bpd) during the last three months of 2018.
Without fresh imports from its major supplier, crude inventories in Syria have fallen.
One consequence of Venezuela’s collapse has been the drawdown in crude inventories across the Caribbean.
Storage tanks began to drain more than a year ago and haven’t stopped. The imposition of US sanctions against Venezuela’s state-owned oil company PDVSA in late January has only accelerated the declines.
In the first part of our two-blog series, highlighting the key takeaways from a week spent in London, we wrote about a roundtable discussion in which we participated hosted by the King Abdullah Petroleum Studies and Research Center (Kapsarc).
The rest of our time was spent at International Petroleum (IP) Week, the annua...