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Iran Releases More VLCCs From Storage

Oil

In the last 10 weeks,  11 of the VLCCs being utilised in potential long-term floating tanker storage (i.e. where a vessel has been stationary for more than 3 months) have left the Middle East Gulf, SSY data shows. Of these, 6 have left in the last 3 weeks. This has cut the total number of VLCCs engaged in floating tanker storage off Iran from around 25 at the start of November to around 14 in early January. Reuters at the end of last week reported that Iran has recently sold around 13M barrels of oil which it held in floating storage, although it notes that of the ships which have been engaged in floating storage off of Iran, it is unclear how many were carrying crude oil or condensate.