TEHRAN (Dispatches) - Iran may have some 69 million barrels of oil in floating storage waiting on tankers to travel to buyers when U.S. sanctions on its crude oil exports are removed, estimates from E.A. Gibson Shipbrokers cited by Bloomberg show.
Citigroup also has a similar estimate on Iran’s floating storage. In a note, the bank said Iran could have around 65 million barrels of oil stored at sea, plus another 54 million barrels in storage onshore.
In case of lifting of U.S. sanctions, Iran could deliver oil “to major export markets, including India and China, within 10-20 days,” Citigroup said in its Monday note, as carried by Bloomberg.