Tidbits, Dock Fees, EU Tariffs, Bean-Eggs, Export Sales 3/21/25

Highlights

Crude oil was higher yesterday in past because of this press release yesterday morning from the U.S. Treasury:

Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a “teapot” oil refinery and its chief executive officer for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the Foreign Terrorist Organization, Ansarallah, commonly known as the Houthis, and the Iranian Ministry of Defense of Armed Forces Logistics.

“Teapot refinery purchases of Iranian oil provide the primary economic lifeline for the Iranian regime, the world’s leading state sponsor of terror,” said Secretary of the Treasury Scott Bessent. “The United States is committed to cutting off the revenue streams that enable Tehran’s continued financing of terrorism and development of its nuclear program.”

OFAC is additionally imposing sanctions on 19 entities and vessels responsible for shipping millions of barrels of Iranian oil, comprising part of Iran’s “shadow fleet” of tankers supplying teapot refineries like Luqing Petrochemical.

A “teapot” refinery is a relatively small independent oil refinery in China.

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