Iran’s oil exports are plunging. Waivers on U.S. sanctions for Iranian oil purchases expired earlier this month, and there is evidence that most countries are steering clear of running afoul of Washington. The result is an absolute plunge oil exports from Iran. Bloomberg reported on May 9 that “not a single ship has been seen leaving Iran’s oil terminals for foreign ports,” according to tanker tracking data. There has been speculation that refiners in China and India might continue importing oil from Iran. India, bought 400,000 bpd from Iran in April, according to Bloomberg, stockpiling ahead of the expiration of waivers. But so far, tanker data suggests that most parties are complying with Washington’s demands, and Iran is suffering from a tightening noose. However, Bloomberg notes that tanker data is not full-proof. Ships leaving Iran can switch off their transponders so that they “disappear” from view. For instance, there […]