Iran, one of the largest oil exporting countries and a key player in the Organization of the Petroleum Exporting Countries (OPEC), has recently increased its oil storage capacity by adding 2 million barrels, after starting the operation of two tanks that have been upgraded at Iran’s Kharg oil terminal in the operational zone.

The reconstruction of the tanks, whose capacity is 1 million barrels of oil (mmbbl) each, was completed and announced on Saturday during a visit by Hamid Bovard, CEO of the National Iranian Oil Company (NIOC) and Deputy Minister of Petroleum.

Bovard stated that these tanks are expected to enhance Iran’s export flexibility, facilitate upstream production, and reduce ancillary costs such as tank leasing. He highlighted the significant value of the two tanks to the oil industry.

Iran holds the third largest proven oil reserves estimated at 209 billion barrels (bbl) and the second-largest natural gas reserves estimated at 1,203 trillion cubic feet (tcf) as of 2021.