Media: Iran’s floating oil mountain grows as millions of barrels remain unsold

Between 58 million and 68 million barrels of Iranian oil may currently be floating at sea, with more than 90% of the cargoes lacking a clear destination, according to data from Vortexa and Bloomberg calculations.

The report said that Tehran has been actively searching for buyers since the United States suspended sanctions on transactions involving Iranian oil for 60 days. Most of the oil is located in the Persian Gulf, the Indian Ocean, or the Strait of Malacca near Singapore.

On June 22, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published a document indicating that the United States had issued a general license authorising the production, supply, and sale of Iranian oil and petroleum products.

On June 30, Mohammad Bagher Ghalibaf, Speaker of Iran’s parliament, said that the country had managed to export more than 40 million barrels of Iranian oil abroad since the complete lifting of the US maritime blockade.

By Jeyhun Aghazada