Due to the U.S. sanctions: Iran has cut oil production
3 May 09:15
Iran has cut oil production due to the tightening of the U.S. naval blockade of ports along the Strait of Hormuz, Bloomberg reported, citing a senior Iranian official and other sources, according to "Komersant Ukrainian".
According to them, oil exports from Iran have fallen sharply in recent weeks, and oil storage facilities are filling up very quickly.
“However, there is one important caveat that Washington may be underestimating: Tehran has years of experience preparing for various versions of precisely this scenario,” writes Bloomberg.
Based on its experience with “years of sanctions and production halts,” Iran is now balancing between cutting oil production and filling storage facilities to withstand the U.S. blockade, the article notes.
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Thus, Tehran is cutting oil production ahead of time, filling its storage tanks to capacity and exceeding their maximum capacity. In addition, Iranians have learned to shut down wells without causing serious damage so they can quickly restart them later. The cuts could affect up to 30 percent of oil fields, but authorities consider the risks manageable, Bloomberg notes.
The U.S. and Israel’s War Against Iran
The war in the region began on February 28 with airstrikes on Iran, which killed part of the country’s leadership, including Supreme Leader Ayatollah Ali Khamenei. In response, Iran launched strikes, including against U.S. facilities located in neighboring countries, and effectively blocked shipping in the Strait of Hormuz, through which approximately 20% of the world’s oil passes.
The first direct talks between the U.S. and Iran took place in the Pakistani capital on April 11, a few days after the ceasefire was reached. The talks did not yield a positive result. The very next day, U.S. President Donald Trump announced that the U.S. Navy had taken control of the strait, and Tehran later accused Washington of violating the ceasefire. The situation has developed such that the Strait of Hormuz remains effectively blocked by the Iranian military, while the U.S., for its part, continues its naval blockade of Iranian ports.
In late April, White House chief Donald Trump stated that the U.S. would maintain the blockade until the parties reached an agreement on the nuclear program. According to the Pentagon, Iran has already lost nearly $5 billion as a result. Earlier this week, Tehran had already put forward a proposal for a settlement, but Trump rejected it.
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