Iran is storing at least 30 million barrels of oil on its fleet of supertankers as Western sanctions continue to keep a lid on sales, tanker market sources say.
Sanctions have halved the Iranian regime’s oil exports to just over 1 million barrels per day since 2012. Higher Iranian oil exports are likely to put more pressure on weak global oil prices, Reuters reported.
The unsold crude oil stocks are stored off the Iranian coast, mainly onboard tankers belonging to its national carrier NITC.
In a blow to the Iranian regime’s shipping sector, the European Union reimposed sanctions on NITC in February, hampering its ability to secure foreign insurance and trade with international shipping companies.
NITC, which is also blacklisted by the United States has a fleet with a carrying capacity of at least 76 million barrels of oil.
Thomson Reuters Oil Research & Forecasts showed at least 20 million barrels of oil were being stored on NITC tankers.
The Iranian regime has also stored crude at a leased facility in China.