Europe Braces for Flood of Iranian Crude

摘要

After an enforced break of more than 3 1/2 years due to sanctions, Iran has announced its return to European oil markets by loading three tankers with a combined 4 million barrels of crude at the Kharg Island terminal in the Mideast Gulf over the past few days. The barrels are flowing thick and fast: according to shipping sources, the Atlantas, a very large crude carrier chartered by Total, loaded 2 million bbl over the weekend and is now on its way to France to be processed at one of the major's refineries. The Distya Akula, an Indian-owned vessel chartered by Litasco - the Swiss trading arm of Lukoil - has loaded 1 million bbl and is due to discharge at one of the Russian oil firm's refineries on the Black Sea. Another million-barrel shipment is being loaded onto the Monte Toledo for refiner Cepsa, which will take the cargo home to Spain.