Reuters: Iran Stores 40 Million Barrels of Oil on Tankers

Reuters has reported that Iran has stored 40 million barrels of oil on large tankers anchored in the Persian Gulf and is preparing to increase its oil exports following the lifting of sanctions. Iran and six world powers are working to resolve remaining disputes in nuclear negotiations ahead of the June 30 deadline. The Reuters report published on June 15 states that Iran has stored a massive amount of oil on ready tankers along its shores, most of which belong to the National Iranian Tanker Company, which is still on the sanctions list of Europe and the United States. Mehdi Varzi, a former official of the Iranian oil company who is currently working as an energy consultant in Britain, told Reuters, "The first thing the Iranians will do is send a significant portion of their oil reserves on tankers to global markets." He added, "Bijan Namdar Zangeneh, Iran's oil minister, has previously told OPEC members to make room for Iranian oil. In other words, Iran has signaled that it will sell its oil at any cost." Varzi also mentioned that Iran's oil reserves on tankers are waiting to enter the market as soon as possible after signing several contracts. Iran, which was the largest OPEC producer after Saudi Arabia before Western sanctions, has faced a one million barrel drop in oil exports. According to shipping sources and tanker tracking statistics, over the past three months, Iran has sent at least 15 large tankers, each capable of storing two million barrels of oil, to its shores to store oil. The company "A.E. Gibson," which specializes in tanker leasing, reported last week that Iran has stored about 38 million barrels of oil on its vessels. The company "Brooten & Partners," also active in this field, announced that the number of large oil-storing tankers belonging to Iran is 17. The report indicates that a ship tracking source has estimated that Iran has stored about 45 million barrels of oil on 23 tankers, some of which do not belong to the National Iranian Tanker Company. This unnamed source stated that last year, Iran stored about 25 million barrels of oil on 12 to 14 tankers, indicating a significant increase in this figure. Reuters also referenced a recent report from the International Energy Agency, which announced last week that Iran's oil exports have increased to 1.4 million barrels per day. The report noted recent statements by Zangeneh, who said that after the lifting of sanctions, Iran would add 500,000 barrels per day to its oil exports within a month, and this increase would reach one million barrels per day over a six-month period. However, Reuters, citing expert assessments, stated that such an increase in volume is likely to take several months, or even a year.