Iran's oil reserves decline as China seeks Gulf options
The article discusses the deterioration of Iran's floating oil inventories available for export outside the scope of the U.S. blockade, which have decreased from around 90 million barrels in mid-July to approximately 29 million barrels today. This decline threatens to deprive Iran of one of its most important sources of foreign currency and intensifies the pressures on its struggling economy. It explains that exports, especially through the Strait of Hormuz, have ceased since mid-July, with tankers only loading within the Gulf, thereby reducing Iran's ability to export oil and negatively impacting its revenues. Maritime tracking companies estimate that if current operations continue, the export-supported oil stock could be exhausted by mid-October, with a sharp decline in payments expected by December. This situation reflects an escalating economic crisis affecting the national budget and exacerbating inflation. Additionally, the decline in oil exports and petrochemical sectors further burdens the Iranian economy, with the International Monetary Fund projecting a 5.4% contraction in the economy during 2026.
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