Reuters: Iran’s floating oil reserves – 87 million barrels

Iran, which has the world’s fourth-largest oil reserves, can quickly export millions of barrels of crude oil, according to the Fars International Economic Group.

The US government on Friday lifted some sanctions against Iran’s nuclear program to speed up talks.

‌According to the report, the imposition of sanctions against Iran caused Iran’s oil exports to increase from 2.8 million barrels per day in 2018 to 100,000 barrels per day in 2020.

According to the Kepler Research Institute, Iran’s oil exports are currently around 600,000 to 700,000 barrels per day.

According to Reuters, it seems that Iran has finally stored enough oil somewhere to resume its oil exports.

According to the Kepler Institute, Iran’s floating oil reserves rose from 63 million barrels in early December to 87 million barrels in February.

On the other hand, Iran’s onshore reserves are currently 49 million barrels, which at the end of May 2021 reached a peak of 66 million barrels.

“This figure is about two-thirds of the world’s total reserves of crude oil and gas condensate in floating storage tanks,” said Homayoun Fesharaki, Kepler’s senior analyst.

Reuters claims that according to the FGE Institute, Iran has about 120 million barrels of oil and gas condensate in its onshore storage tanks, about a third of which is in storage tanks outside the country and mostly in China, and about 68 million. The barrel of it is stored on water.

Iran has the fourth largest oil reserves in the world.

According to OPEC statistics, based on secondary sources, Iran’s oil production has increased from an average of 2 million barrels per day in 2020 to 2.4 million barrels per day in 2021.

Iran plans to increase production to 3.8 million barrels per day if sanctions are lifted.

Earlier, energy consulting and reporting companies reported that while Iran was working to increase production, the National Oil Company was expected to use offshore reserves and OffshoreIt has up to 200 million barrels of oil reserves to export.

According to those reports, this measure will allow Iran to export one million barrels per day (or one percent of world oil supply) more than before for more than 6 months.

Some analysts believe that rising oil prices and rising gasoline prices in the United States and rising inflation have prompted Washington to encourage the lifting of sanctions on Iran, said John Kildoff, an oil market analyst. “It has encouraged the United States to lift sanctions on Iran and bring Iranian oil to market.”

The feeling of dominating the oil market is still increasing Bankers Brent oil is projected to reach $ 100 a barrel and global oil supply will remain low.

Analysts say crude has risen about 20 percent this year in just over a month, possibly exceeding $ 100 a barrel due to high global demand.

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