Iran exported 57 million barrels of oil between Trump’s blockades

Investing.com -- Iran exported at least 57 million barrels of crude oil during a temporary break between two US naval blockades, according to shipping data compiled Monday by Bloomberg. The exports occurred after Washington and Tehran reached an interim agreement last month to ease restrictions and lift sanctions on Iranian oil sales.

During the period between the two blockades, Tehran shipped at least 2.2 million barrels per day. Actual volumes may be higher as Iran has historically concealed cargo movements. The shipments included oil from Iranian export facilities and from vessels that had been blocked at an Iranian port in the Gulf of Oman.

President Trump announced Monday on social media that the US will restore its blockade of ships entering or leaving Iranian ports. He also said the US will require a 20% reimbursement on all other cargo moving through the Strait of Hormuz.

"We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving. All other countries will have fair and open use of the Strait," Trump said. "The U.S.A. will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,' but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."

Much of the exported oil is heading toward customers and could provide Iran with economic relief if buyers can be found. The additional Iranian supply contributed to lower oil prices in the two weeks following the initial agreement.

The first blockade left Kharg Island, Iran's primary export terminal in the Persian Gulf, inactive for several weeks and reduced the country's oil production.

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