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Oil Falls Despite Crude Inventory Draw

Oil Falls Despite Crude Inventory Draw

Oil prices fell on Wednesday…

Iran Increases Oil Storage Capacity by 500,000 Barrels

The Iranian Oil Ministry’s news website, Shana, has reported that a facility offering an extra 500,000 barrels of oil storage has been completed, making it the third such facility to be completed in the Bushehr province over the past year.

Iran has been working to increase its oil storage capacity over recent years, as international sanctions preventing other countries from dealing with Iranian institutions and buying its oil and have caused its oil export volumes fall from 2.6 million barrels per day (bpd) in 2010 to less than 1 million bpd in January, according to the IEA. Despite the efforts to reduce production to the lowest levels in over three decades, Iran still has a large supply surplus sees its storage facilities fill up rapidly.

Related article: IRAN-IRAQ: Pipeline to Syria Ups Ante in Proxy War with Qatar

Mohammad-Bagher Soleimani, the Iranian Offshore Oil Company’s production director, was reported as claiming that the new facility will increase Iran’s storage capacity in the Bushehr’s Bahregan region to 4 million barrels.

Mahmoud Zirakchianzadeh, the company’s managing director stated that plans are in place to increase the storage capacity even further to 8.1 million barrels in 2013.

By. Joao Peixe of  Oilprice.com



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