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OIL: Trump Maximum Pressure on Iran Bullish for Heavy Sour: Platts

OIL
Energy BulletsIranBulletMiddle EastCommodities

On Feb. 4, Trump signed a presidential memorandum, according to news reports, with the goal of driving Iranian crude exports to zero, restoring his maximum pressure campaign against Iran, Platts said.

  • Platts see this as bullish for Dubai and other heavy sour crudes.
  • China, the primary buyer of Iranian crude, is likely to turn to increased imports from Canada and even Mexico.
  • This will be more likely if the US moves forward with planned tariffs on Mexico and Canada.
  • Iran exported 1.6m b/d of crude in 2024 and there are around 55 unsanctioned VLCCs willing to move Iranian barrels.
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Source: S&P Global Commodity Insights
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On Feb. 4, Trump signed a presidential memorandum, according to news reports, with the goal of driving Iranian crude exports to zero, restoring his maximum pressure campaign against Iran, Platts said.

  • Platts see this as bullish for Dubai and other heavy sour crudes.
  • China, the primary buyer of Iranian crude, is likely to turn to increased imports from Canada and even Mexico.
  • This will be more likely if the US moves forward with planned tariffs on Mexico and Canada.
  • Iran exported 1.6m b/d of crude in 2024 and there are around 55 unsanctioned VLCCs willing to move Iranian barrels.
image
Source: S&P Global Commodity Insights