Key facts
- Iran is exporting crude oil at a 20% premium despite a growing stockpile of unsold barrels.
- Approximately 58 million barrels of crude oil are in floating storage.
- Over 90% of these stored barrels lack a confirmed destination.
- Washington has temporarily eased sanctions, providing Iran a 60-day window to secure buyers.
- Iran has shipped over 40 million barrels of oil since the U.S. naval blockade was lifted.
- China remains Iran's key customer during this period.
Iran is rapidly increasing its crude oil exports, capitalizing on a temporary easing of U.S. sanctions that provides a 60-day window for negotiations. Despite significant stockpiles of unsold barrels, estimated at 58 million on floating storage, Tehran is pushing millions of barrels through the Strait of Hormuz, with destinations often in Asian waters. Parliament speaker Mohammad Bagher Ghalibaf stated that over 40 million barrels have been exported since the U.S. naval blockade was lifted, a claim largely supported by tanker-tracking services. Iran is reportedly selling its crude at a 20% premium compared to pre-agreement levels, boosting revenues. China remains the primary customer during this period, as other buyers are hesitant due to the uncertainty surrounding the negotiation window, which expires on August 21.