Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
Getty Images/Bloomberg
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, Reuters reports.
Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.
Market intelligence firm Kpler estimated Iranian average onshore crude storage for June to be around 66 million barrels.
That is around 85% of available onshore storage capacity.
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