Tehran preparing for early resumption of oil exports

The Islamic Republic of Iran (IRI) has increased the volume of oil stored in tankers in recent months, Report informs referring to Reuters.

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the US on its nuclear program and has been moving oil into place to prepare for an eventual restart.

"We currently estimate around 78 million barrels of oil and condensate are stored on water, and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler.

"A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added.

Iranian oil in floating storage stood at between 50 million and 60 million barrels according to estimates from consultancies FGE, IHS Markit, and OilX.

FGE and OilX said most of the Iranian floating storage was condensate, a preferred feedstock for petrochemical plants in China, South Korea, and the United Arab Emirates.

Expecting a deal in the coming weeks or months, NIOC's marketing division has been in contact with historical customers.