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Iran has a huge hoard of floating oil to clear when sanctions lift


Here’s something to watch out for when and if U.S. sanctions on Iran are lifted: a tens-of-millions-of-barrels stash of oil floating on tankers, just waiting to go to buyers.

The Persian Gulf country may be holding as much as 69 million barrels at sea, according to estimates from E.A. Gibson Shipbrokers Ltd., a London-based broker that traces its history back to the 19th century. It is hard to be sure exactly how big the floating stockpile really is because it’s unclear exactly how many ships are being used and how full they are, said Richard Matthews, the firm’s head of research.

The speed at which Iran ramps up supplies to the global oil market is of critical importance to crude traders concerned that its revival will hinder this year’s 34% rally in prices. In theory, floating barrels could reach most buyers within a few weeks, but Matthews says it will likely take longer for the hoard to clear in practice

Iran has huge hoard of floating oil to clear when sanctions lift | AJOT.COM