Iran’s 30 million Barrels oil storage at sea

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iran

  • On its fleet of supertankers, Iran is storing atleast 30 million barrels of oil.
  • Sources say that the Western sanctions continue to keep a lid on sales .
  • World powers are trying to reach a framework deal with Tehran by the end of the month that would restrict the most sensitive aspects of Iran’s disputed atomic programme in return for an easing of international sanctions.
  • Iran exports have been halved by the sanctions to just over 1 million barrels per day since 2012 and hammered the economy.
  • Higher Iranian oil exports are likely to put more pressure on weak global oil prices.

STORAGE:

  • Unsold crude oils have been parked by Iran off its coast, mainly onboard tankers belonging to its national carrier NITC.
  •  15 of NITC’s Very Large Crude Carriers (VLCC), each capable of carrying 2 million barrels of oil, were deployed for floating storage.
  • Since the beginning of February,15 NITC supertankers were being used to park crude off Iran’s coast, an amount unchanged stated by Tanker broker E.A.Gibson.
  • E.A.Gibson also stated that,Iranian floating storage peaked at 18 NITC tankers in September last year and has not fallen below 14 tankers since the start of this year.
  • Iran is keen to resume crude oil exports as quickly as possible as the recent fall in the oil price has impacted heavily on their already limited ability to export crude.
  • Sanctions may be removed in many stages which would delay in a quick resumption of crude export.insurance and banking restrictions remained in place.
  • Hampering its ability to secure foreign insurance and trade with international shipping companies,European Union reimposed sanctions on NITC in february.

Other Countries perception:

  • NITC, which is also blacklisted by the United States has a fleet with a carrying capacity of at least 76 million barrels of oil.
  • Minimum of 20 million barrels of oil were being stored on NITC tankers revealed Thomson and Reuters Ol Research and Forecasts.
  • Iran has also stored crude at a leased facility in China.

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