Iran May Drain Offshore Oil Cache If Nuclear Deal Reached
- Tehran may have as much 93 million barrels ready to be tapped
- ‘Sizeable flotilla’ could hit the market, JTD’s Driscoll says
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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.