Failing to find buyers not afraid of Iran, US unloads stolen oil cargo

By Al Mayadeen English
Source: Agencies
21 Aug 2023 10:51
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The stolen oil tanker is estimated to hold cargo worth $56 million and remained untouched for over two months as commercial agents rejected to take the risk of an Iranian-vowed retaliation.

A Satellite photo shows oil vessels identified as the Virgo (L) and the US-stolen Suez Rajan carrying Iranian oil (AP via Planet Labs PBC)

After over two months of failing to find buyers willing to challenge Tehran, the United States finally decides to unload stolen Iranian oil off the Texas coast, ship tracking data showed.

Iran's Suez Rajan, an oil tanker flying the Marshall Island flag, caused bipartisan tensions with President Joe Biden's administration. US lawmakers from both parts of the House, Democrat and Republican, have been calling on the White House to resolve the issue of the transfer following months-long stagnation.

The tanker has been anchored off Galveston 80 km outside of Houston, Texas, since 30 May.

Although Washington exempted the cargo from sanctions and certified the ship for unloading, commercial agents, including US-based firms, have refused to purchase the vessel's petrol load, citing concerns that it will be rejected by customers after Tehran pledged to retaliate against companies taking its stolen oil.

Companies "are literally afraid to do it," admitted a Houston-based energy executive involved in the situation, while another executive wondered "if anybody's going to touch it."

Ship tracking data revealed that on Sunday, a Liberia-flagged tanker MR Euphrates parked parallel to Suez Rajan to transfer the crude oil.

Carrying 800,000 barrels worth around $56 million according to estimates, the Marshall-flagged vessel is too heavy to be docked directly at a port, which necessitates that it transfers its shipment to smaller cargo boats.

"Finally, after months of delay, the Biden administration has listened to my bipartisan call for action and signaled to Iran that the United States will not be complacent in the face of Iranian threats," US Senator Joni Ernst, Republican of Iowa, told Reuters in an email on Sunday.

The standoff over the stolen oil highlights the failure of the US administration in implementing sanctions against Iran, as Tehran has allegedly become bolder, according to the report, in its maritime expeditions.

A former US official believes that the current situation represents “a much bigger drama that’s playing out about how we deal with Iranian threats."

The Islamic Revolution Guard Corps Navy revealed on Saturday that its maritime units forces a US helicopter carrier to back down after in infiltrated in Strait of Hormuz. The IRGC revealed images showcasing its monitoring of that American war vessel on the strategic route.