Due to the rapid filling of its oil storage facilities due to the US naval blockade, Iran may start shutting down its drilling wells as early as next week. This was stated by US Treasury Secretary Scott Bessent.
“The Iranians are rapidly filling their storage facilities and as that happens, they will have to shut down their oil wells, which we believe could start as early as next week“, the minister said in an interview with Fox News.
He also said that after the end of the US-Israeli war against Iran, oil prices will be lower than at the beginning of the year, partly due to the decision of the United Arab Emirates to leave OPEC. “This gives me optimism because oil prices at the end of the conflict will be significantly lower than they were at the beginning of this year or at any time in 2020 or 2025,” Bessent said.
On April 13, the US military imposed a naval blockade on Iran, declaring its intention to block the movement of all ships heading to ports in the Islamic Republic, as well as those trying to sail from its shores. In late April, US President Donald Trump said that Iranian oil pipelines could soon explode if the US naval blockade of the republic continues.
Iran’s permanent representative to the UN, Amir Saeed Iravani, noted on April 28 that the US, by imposing a naval blockade of the republic, accompanied by the seizure of merchant ships and the detention of crews, is in effect acting like pirates and terrorists.