19-07-2018

Iran onshore oil stocks up 3.2 mln barrels in June -Kayrros

Iran’s onshore oil stocks rose 3.2 million barrels in June compared with the previous month to 33 million barrels, data from analysis firm Kayrros showed on Wednesday.

Kharg Island inventories lead this increase with a build of 3.1 million barrels, while inventories at Siri, Lavan and Bandar Abbas moved marginally, the data showed.

Iran’s oil inventories are expected to increase as renewed U.S. sanctions on its oil industry begin to dent its oil exports.

President Donald Trump withdrew the United States in May from a 2015 nuclear deal with Iran reached by his predecessor Barack Obama and other world powers, and ordered tough U.S. sanctions on Tehran.

Washington will consider waivers for certain countries to allow them more time to wind down their Iranian crude purchases after a November 4 deadline.

But most analysts are expecting a significant drop in oil exports from OPEC’s third largest producer with some of the worst case scenarios expecting crude exports to come off by two thirds to 700,000 bpd.

Kayrros pegged Iranian floating storage at 630,000 barrels in June.

“Following the lifting of sanctions in January 2016, floating storage was first to draw, dropping to a low of 1.7 million barrels in January 2016 from a high of 25 million barrels at the end of November 2015,” Kayrros said.

Source: Reuters

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