Skip to content

Wave of Iranian Oil May Flood Asia If Nuclear Deal Reached

  • Offshore volumes of condensate may flow to South Korean users
  • Agreement may be within reach just as Ukraine conflict flares
Updated on

Iran has millions of barrels of oil stored offshore that could flow into a tight global market if a nuclear deal is agreed, with refiners in South Korea likely to be among the first in line to take cargoes.

The Persian Gulf producer may have 65 to 80 million barrels on stationary tankers, according to data intelligence firm Kpler. About four-fifths is condensate, a super-light oil that’s a by-product of natural gas extraction. The overall Iranian volume is higher if crude that’s already in transit is included.