Iran Started Extracting from Floating Oil Reserves

Tracking ships data highlight that Iran has started to use its floating oil storages.

News ID: 67742

Date: 24 July 2016 - 15:33

MANA reported from Reuters that based on the data from tracking ships, Iran has begun to extract oil from its floating oil reserves; and this .could be a turning point for the petroleum industry of this country

Statistics released by Marine Traffic Institute depict that Iran's floating oil storage in Hilda tanker decreased as much a 1.4 million barrels in one day.

After the lifting of the western sanctions on Iran, this country has increased its petroleum production since early this year. Oil market activists have speculated that Iran's floating oil in February was between 35 and 50 million barrels

Iran's gas consumption set a new record in July, and most probably, the refineries in this country have increased their consumption of crude oil in order to be able to supply the needs of the domestic market.