Iran's floating crude oil reserves have sharply increased this year, with up to 63 million barrels now held at sea as sanctions enforcement tightens, reports Fort Lauderdale's Maritime Executive.
Data firm Kpler estimates Iran's offshore oil stock rose from 5 million barrels in January to 35 million barrels by July, with current volumes reaching 40 million barrels. Rival firm Vortexa places the figure higher, at 63 million barrels, citing dark fleet tanker activity.
Iranian Oil Minister Mohsen Paknejad denied the figures, stating 'we fundamentally have no oil that we are unable to sell,' in response to similar reports from Bloomberg and S&P Global Platts.
Kpler's analysis relies on satellite imagery and discrepancies between Iranian terminal exports and Chinese port receipts. Although China officially records no Iranian imports, transshipments offshore Malaysia and Dongying suggest otherwise. Malaysia reportedly exported 1.4 million barrels per day to China in 2024, despite producing only 500,000 barrels daily.
The offshore build-up reflects importers' hesitancy to purchase sanctioned oil, having already filled onshore tanks in anticipation of stricter enforcement. Chinese teapot refiners drove a surge in June imports, but their storage capacity is now saturated.
Sanctions enforcement is increasingly targeting shipping services, shipowners and managers, raising costs for Iran and forcing deeper discounts to move unsold cargo. Malaysia's Ministry of Investment, Trade and Industry pledged tougher action against origin fraud and transshipment in May, though legal authority in Exclusive Economic Zones remains limited.
Other nations, including Denmark, are challenging dark fleet operations through health, safety and insurance non-compliance. The concentration of ageing, uninsured tankers off Malaysia's coast poses a growing environmental threat.
SeaNews Turkey
Data firm Kpler estimates Iran's offshore oil stock rose from 5 million barrels in January to 35 million barrels by July, with current volumes reaching 40 million barrels. Rival firm Vortexa places the figure higher, at 63 million barrels, citing dark fleet tanker activity.
Iranian Oil Minister Mohsen Paknejad denied the figures, stating 'we fundamentally have no oil that we are unable to sell,' in response to similar reports from Bloomberg and S&P Global Platts.
Kpler's analysis relies on satellite imagery and discrepancies between Iranian terminal exports and Chinese port receipts. Although China officially records no Iranian imports, transshipments offshore Malaysia and Dongying suggest otherwise. Malaysia reportedly exported 1.4 million barrels per day to China in 2024, despite producing only 500,000 barrels daily.
The offshore build-up reflects importers' hesitancy to purchase sanctioned oil, having already filled onshore tanks in anticipation of stricter enforcement. Chinese teapot refiners drove a surge in June imports, but their storage capacity is now saturated.
Sanctions enforcement is increasingly targeting shipping services, shipowners and managers, raising costs for Iran and forcing deeper discounts to move unsold cargo. Malaysia's Ministry of Investment, Trade and Industry pledged tougher action against origin fraud and transshipment in May, though legal authority in Exclusive Economic Zones remains limited.
Other nations, including Denmark, are challenging dark fleet operations through health, safety and insurance non-compliance. The concentration of ageing, uninsured tankers off Malaysia's coast poses a growing environmental threat.
SeaNews Turkey
