Wed, 17 Jul 2019

Iran Storing Oil in Fleet of Supertankers: Report

12 Sep 2018, 19:36 GMT+10

TEHRAN (Tasnim) - Iran is starting to store oil on its fleet of supertankers again as US sanctions on the country's oil industry loom.

At least five full crude tankers have reportedly anchored off the Iranian coast over the past two-and-a-half weeks. Two holding condensate, a light oil produced at Iran's natural gas fields, have been idling for weeks off Dubai.

So far, most of the ships in question -- all of which are Iranian owned -- have only been holding crude at sea for a few weeks, rather than for months at a time as they did during 2012-2016 sanctions, tanker tracking compiled by Bloomberg show.

Almost all Iran's main customers purchased fewer Iranian barrels in August than they did in April, the month before Trump said sanctions were being reimposed.

The measures are due to start in early November, but buyers including France, South Korea and others have already started to cut back sharply.

US President Donald Trump is trying to cut off Iran's oil exports to deprive the third-biggest member of the Organization of Petroleum Exporting Countries of income.

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