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  • 30-08-22

    Iran prepares to inject 93m barrels of oil into market

    (MENAFN) Iran as of now holds around 93 million barrels of crude oil and gas condensate stored on ships in the Persian Gulf, off Singapore and close to China prepared to be distributed into the market if the nuclear agreement is regained, Bloomberg mentioned in a report on Monday quoting ship-tracking company Kpler.

    As mentioned by the report, Vortexa Ltd. Values the reserves at 60 to 70 million barrels, stating that there are also some smaller capacities in onshore storage services.

    John Driscoll, head strategist at JTD Energy Services Pte stated that “Iran has built up a sizable flotilla of cargoes that could hit the market fairly soon,”

    Iran’s response to the worldwide crude market would be very noteworthy seeing the fact that the European Union is applying tighter restrictions on Russian crude flows as of December and the Biden administration’s mammoth sale from the Planned Petroleum Reserve is going to finish in October.

    MENAFN30082022000045014228ID1104779623

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