Iran Is Ready To Release Millions Of Barrels Of Oil Into The Market

Iran has considerable volumes and barrels of oil in floating storage. It could quickly release should a deal with the United States be finalized.

In an update earlier this month, OilX claimed that Iran has some 40 million barrels. The bulk of which is probably condensate.

Vortexa estimates Iranian crude in floating storage at 60 to 70 million barrels. Moreover, Kpler has estimated them at 93 million barrels, Bloomberg reported on Sunday.

The barrels of oil volumes would not be released immediately. However, as issues such as insurance and shipping would need to be dealt with first.

“Iran has built up a sizable flotilla of cargoes that could hit the market fairly soon,” John Driscoll from JTD Energy Services told Bloomberg.

Currently, Iran and the United States are both considering the final version of an agreement proposed by the European Union, which is acting as an intermediary in the negotiations.

According to recent reports, some of the problems have been straightened out but others still remain and need to get resolved before a deal is finalized.

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Source: Oil Price

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