Iran Is Running Out of Options on Oil - Bloomberg

Iran Is Running Out of Options on Oil - Bloomberg:

Iran’s position in the oil market is looking weaker than ever as a bruising OPEC meeting and tightening net of U.S. sanctions leave it with fewer friends and fleeing customers.

Tehran is getting hit from all sides. Washington is telling buyers to stop all purchases of the country’s crude, while OPEC and its allies are bowing to U.S. pressure to raise output and fill the gap. Iran may be left with few options beyond convincing China to buy more of its oil, risking over-reliance on what’s already its biggest customer.

“Iran is in a really horrible position right now,” said Sara Vakhshouri, head of Washington, D.C.-based consultant SVB Energy International. “There’s not really much Iran can do to maintain its export level.”