Iran Sells All Floating Storage Barrels

Iran Sells All Floating Storage Barrels

Iran has sold all the oil it had stored for years at sea, Press TV informed, citing oil market sources. According to the news portal, this is a sign of the country’s positive performance in marketing its vital crude oil supplies.

However, Reuters reported that now Iran is struggling to keep exports growing as it grapples with production constraints and the end of its floating storage.

Tanker tracking and oil sources stated to Reuters that the last stocks of Iranian oil were sold from the floating storage in the past two weeks. Much of the oil stored was condensate which is a very light grade of crude.

Since January 2016, when West sanctions on Tehran were lifted, the Persian Gulf nation tried to make up for lost sales by releasing millions of barrels that were parked on tankers offshore. These tankers consisted of as much as 40mb in around 25 tankers in 2015.

In the last Persian month, the country reached an exportation peak of 3.05mb/d of crude oil and condensates, an amount that had not been recorded for the past six years.


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