Iran’s oil shipments tumbled this month after the U.S. ended sanctions waivers that allowed eight governments to buy from the Persian Gulf country. So far, not a single ship has been seen leaving Iran’s oil terminals for foreign ports in tanker tracking data compiled by Bloomberg.
China, India, South Korea and Japan were among those allowed to buy about 1 million barrels a day of Iranian crude and condensate, a light form of oil extracted from gas fields, until May 2. Hopes that those exemptions might be extended were dashed, leaving buyers at risk of U.S. penalties if they continued to take Iran’s oil. They seem not to have taken that chance.