Iran Storage Builds as Buyers Hang Back

摘要

Iran has built up floating storage of more than 30 million barrels of crude oil and con- densate in recent weeks, prompting specula- tion that National Iranian Oil Co. (NIOC) is struggling to find buyers. According to Gulf shippers and traders, at least 16 very large crude carriers (VLCCs) are being used for storage, most anchored off Iran’s Mideast Gulf port of Assaluyeh and Fujairah in the United Arab Emirates. All are owned by National Iranian Tanker Co. (NITC), which is expected to mobilize sever- al more large vessels for similar purposes, bringing total volumes in storage to nearly 40 million bbl.