Iran's floating oil reserve depleted
A report has revealed that Iran had completely depleted its floating oil stockpiles in Asia by mid-October due to U.S. maritime blockade, which prevented the renewal of Chinese exports. Iran relied on oil tankers stationed off the coasts of Malaysia and Singapore to store and sell its oil, but the tightening of the blockade drained these inventories, which reached approximately 135 million barrels valued at over $10 billion. After the blockade was temporarily lifted in June, Iran managed to recover part of its stockpile, but the re-imposition of sanctions in July led to its full depletion. This caused a significant decline in Iran’s oil exports, resulting in losses of up to $25 billion in revenues, worsening the economic crisis, and causing the Iranian currency to plummet sharply. Economic pressures are expected to persist due to reduced oil earnings and their impact on the standard of living for Iranians.
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