Iran exported a mere 273,000 barrels of oil per day (bbl/d) in June, leading its oil storage tankers to near full capacity, according to Mehr.

Iran’s storage levels hit 66 million barrels of oil (mmbbl) by the end of June, which represents about 85% of available oil reserves onshore. Onshore crude oil reserves reached 54 million barrels of oil mmbbl in April, a huge increase from the 15 mmbbl in January. Crude oil production is at such low levels following Iranian sanctions.

Export figures dipped to a four-decade low with figures of around 100,000 bbl/d in May.

It has also been reported that Iran’s floating storage is also filling up. In the region, 30 tankers are being used to store oil, some of which can carry a maximum of 2 million barrels of oil. The exact number is unknown as they have switched off their AIS systems.