“Progress toward an Iranian nuclear deal has put in the spotlight a sizeable cache of crude held by Tehran that could be quickly shipped to buyers should a deal be struck.“Bloomberg said during a news story published early on Monday.
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Some 93 million barrels of Iranian crude and condensate are currently stored on ships in the Persian Gulf, off Singapore and near China., according to ship tracking company Kpler, while Vortexa Ltd. estimates holdings at 60-70 million barrels. Also, there are smaller volumes in tanks on land.
Iran’s possible full readmission to the world oil market, with the possible lifting of US sanctions, comes at a difficult time for oil traders.
The original deal fell apart after then-President Donald Trump walked out. Last week, the United States sent its response to the latest proposal, fueling speculation that a deal could soon be reached, although Tehran said on Sunday that talks would now last until September.
Iran’s offshore hoarding of crude compares with this year’s average daily global supply of about 100 million barrels a day, according to an estimate by the International Energy Agency. In the United States, President Joe Biden has released some 180 million barrels of SPR in a six-month period.
Source: Fx Street
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