• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 14 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 50 mins Renewables provided only about 4% of total global energy needs in 2018
  • 8 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 2 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 2 hours N.Y. Governor Signs Climate Bill
  • 9 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 13 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 3 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 1 day First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 23 hours Today in Energy
  • 20 hours Which is a better domain name for OAPEC?
  • 17 hours Shale Oil will it self destruct?
Alt Text

The Only OPEC Member That Could Challenge Saudi Oil Dominance

Iraq, OPEC’s second biggest producer,…

Alt Text

Oil Halts Slide On Crude Draw

Oil prices regained some lost…

Business Insider

Business Insider

Business Insider is one of the leading Business and finance news sites online.

More Info

Premium Content

Iran Storing Oil at Sea Due to Weak Demand

Iran, the world's fifth-largest oil producing nation, is increasing the amount of oil is stores in tankers at sea.

Iranian officials say this is due to refinery overhauls and seasonality, but some industry players believe it's due to an inability to sell all of their production right now.

Reuters: One source estimated Iran had crude on 19 very large crude carriers (VLCCs) and one smaller suezmax tanker, compared with around 12 VLCCs at the end of March. A VLCC can store up to 2 million barrels of crude oil, while a suezmax can store up to 1 million barrels.

Iranian officials declined to say how much crude was being stored, but confirmed that there was oil on tankers.

"It's not as many as 20 vessels, but some of our customers do have crude on tankers in the Gulf," one Iranian oil official said. "One of the reasons is due to refinery overhauls." Global demand typically falls in the second quarter as northern hemisphere refineries undertake work on units and switch to heavier...

Much of Iran's crude is heavy and has a high sulphur content, making it harder and more expensive for refiners to convert it into valued transport fuels. "One theory is they are having trouble selling the cargo," a shipping source said. "It could be due to lack of demand for some heavy Iranian crude."

There is some limit to world oil demand right now, despite the price strength oil has exhibited and the global economy rebound.

By. Vincent Fernando CFA




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play