• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 mins Russia, Ukraine and "2022: The Year Ahead"
  • 2 days Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 23 hours Why is oil priced and traded in U.S. dollars?
  • 19 hours Ukrainian Maidan after 8 years
  • 22 hours Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Сryptocurrency predictions
U.S. Rig Count Rises Alongside Oil Prices

U.S. Rig Count Rises Alongside Oil Prices

The number of active drilling…

Nigeria Is Losing Major Investors As Oil Theft Runs Rampant

Nigeria Is Losing Major Investors As Oil Theft Runs Rampant

Supermajors are packing their bags…

U.S. Rig Count Jumps As Crude Rally Continues

U.S. Rig Count Jumps As Crude Rally Continues

The number of active drilling…

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News