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Iran may drain offshore crude oil cache if nuclear agreement reached

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China

Photo: Bloomberg
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Iran’s offshore crude hoard compares with average daily global supply this year of about 100 million barrels a day, according to an estimate from the International Energy Agency. (Photo: Bloomberg)

Sharon Cho | Bloomberg
Progress toward an Iranian nuclear deal has thrown the spotlight onto a sizeable cache of crude held by Tehran that could be swiftly dispatched to buyers in the event an agreement gets hammered out.
 
About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China, according to ship-tracking firm Kpler, while Vortexa Ltd. estimates the holdings at 60 to 70 million barrels. In addition, there are smaller volumes in onshore tanks.

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First Published: Aug 29 2022 | 10:37 AM IST

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