Iran Holds No Oil Inventories at Sea

Iran has no stockpile of crude oil at sea and its floating gas condensates have all been sold. said Managing Director of Iranian Oil Terminals Company (IOTC). Seyyed Pirouz Mousavi.
He said Iran has no cargo of seaborne crude. stressing that all the oil in floating storage units have been sold to buyers in Asia including China. India and South Korea as well as to European countries including Italy and France.
Earlier this month. Reuters cited unnamed industry sources as saying that Tehran has offloaded 13 million barrels of its oil at sea in the past few months. with seaborne stockpiles estimated at around 16.4 million barrels from 29.6 million barrels at the beginning of October.
In June 2015. Reuters estimated that Iran had piled up as much as 40 million barrels of oil off its coasts in the Persian Gulf. mainly on vessels owned by the National Iranian Tanker Company.  
According to Mousavi. Iran`s floating inventory of gas condensates dwindled as exports picked up soon after the lifting of international sanctions in January 2016 and the increase in  shipments to China. South Korea. Japan and India. its traditional oil buyers.
The lifting of sanctions gave Iran a fresh lifeline to reassert itself in the global crude market.” he said.

About core

Check Also

Oil Prices Fall on Demand Worries, Record 3rd Straight Weekly Losses

Oil prices fell on Nov. 26, recording their third straight weekly losses, amid anticipation of …

Leave a Reply

Your email address will not be published.