Shipping troubles pose threat to Iran's Oil ambitions
Commodity Online | April 20 2016
UPDATED 10:52:02 IST

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Iran's ambitions to boost its oil exports has met a roadblock as the country lacks sufficient ships for transport. A Reuters report says many of Iran's ships are tied up storing crude, some are not worthy of transport through the sea and foreign shipowners are not ready to carry the cargoes.

Iran is shoring up its oil output as it needs to recapture the markets it lost as a result of the economic sanctions imposed by the West. As the sanctions are lifted Iran is planning to boost its output even though the global markets are concerned with falling prices and rising supply.

A recent attempt by the OPEC and No-OPEC producers to freeze the oil supply in a bid to boost the prices has failed to produce any result owing to the rivalry between Iran and Saudi Arabia. Iran did not attended the meet in Doha and said the country is not ready to freeze output. Saudi demanded Iran should also agree for the oil freeze deal which scuppered the Doha talks.

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