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Iran Resorts to Storing Oil in Fleet of Supertankers.

Iran is starting to store oil on its fleet of supertankers again as impending U

Iran Resorts to Storing Oil in Fleet of Supertankers.

Iran is starting to store oil on its fleet of supertankers again as impending U

Iran Resorts to Storing Oil in Fleet of Supertankers.
14 September 2018 - 11:28

Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs. he build-up of crude in floating storage offshore Iran signals the effectiveness of the new sanctions imposed by U.S. President Donald Trump on the Persian Gulf country’s oil. The measures are due to start in early November, but buyers including France, South Korea and others have already started to cut back sharply. “We can expect floating storage to increase under the growing impact of U.S. sanctions in the coming months,” Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA, said from London. 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 show.

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