FT reports that Iran might not be exporting as much as advertised

The Saudi's have banned Iranian vessels transporting crude from its waters say the FT citing traders and shipbrokers. Not only are Iranian ships restricted from ports in Saudi Arabia and Bahrain, any ships that have been to Iran within their last three ports of call face authorisation from both countries before entering their waters.

It's squeezing Iran's ability to export it's oil and has limited exports to Europe. The pick up in production is forcing Iran to increase storage at sea, which is up 10% this year to over 50m barrels.

The Saudi's are fighting the market share battle on two fronts, both in the US and closer to home. Alongside the Russian news that Iran will join the freeze when it's pumping 4mbpd, it's going to make the Doha meeting very interesting if they face off against the Saudi's.