Wednesday, April 25, 2012

Iran forced to store oil at sea

14 out of the National Iranian Tanker Company's 25-strong fleet of large crude oil carriers are reportedly anchored in the Gulf, acting as floating storage.

Each of these carriers has an approximate 2 million barrel capacity, and are stationed along with five of Iran's Suezmax tankers, each with a capacity of one million.

The land-based storage tanks, with a total capacity of 23 million barrels, are full, and the sea storage is able to provide 33 million barrels of extra capacity. This is in reaction to Iran's recent difficulty in selling oil that has occurred due to sanctions causing a reduction in the demand of buyers.

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