Iran's floating oil stocks near exhaustion as US blockade holds, Kpler estimates

Iranian crude held in floating storage, mostly off Malaysia, is close to running out, The Maritime Executive reports. Kpler estimates that about 15 million barrels remained afloat at the start of October and that the stocks could be used up by mid-October, although other analysts expect them to last somewhat longer. According to the outlet, the US naval blockade has stopped any Iranian or dark fleet tanker leaving the Gulf for ten weeks, and Iran has kept revenue coming from its almost entirely Chinese customer base by drawing down these stocks. The publication says that by the end of the year Iran will lose an income stream that has supplied around 40 per cent of government finances.

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