Iran’s oil reserves hit their highest level in two years

The volume of Iranian crude in floating tanks has increased in recent weeks, widening the gap between Iranian crude grades and international benchmarks, Energy Press reported. There are now 52 million barrels of Iranian crude stored in tankers, nearly double the amount in October, according to data from energy data firm Kepler cited by Bloomberg.
By comparison, earlier this year, the volume of Iranian crude in floating tanks was only about 5 million to 10 million barrels in January. The last time more than 50 million barrels of Iranian crude were stored in tankers was in May 2023, according to Kepler data. Iranian oil exports have been relatively high all year, but China, its main customer, which receives more than 90 percent of exports, has cut its imports in recent weeks.
There were two main reasons for China’s decline in Iranian crude purchases in November. The government quota for teapots, key customers of Iranian oil in Shandong province, is running out. Additionally, recent US sanctions against Chinese entities for importing Iranian oil have halted some purchases.