Economics
Iran Seen Jolting Oil Market With 90-Day Supply After Sanctions
- OPEC nation to sell 45 million barrels of oil stored offshore
- Iran will have to resort to deep discounts for condensate sale
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Iran may roil global oil markets with plans to sell about 45 million barrels of fuel stored in tankers in the Persian Gulf within three months of the removal of sanctions on its economy, according to analysts.
Most of the stored oil is condensate that contains a sulfur compound, which complicates sales because many refineries can’t process it, said Victor Shum of IHS Inc. and Robin Mills at Dubai-based Manaar Energy Consulting. To market this large amount of oil within three months -- the equivalent of about half a million barrels a day -- Iran will have to resort to offering deep discounts, they said.