Bloomberg: Iran's Offshore Crude Oil Stockpiles Rise to 58 Million Barrels, Over 90% Unsold

BlockBeats News, July 2nd, according to Bloomberg, as of July 1st, Iran's offshore oil and condensate inventories have exceeded 58 million barrels, with over 90% still awaiting final buyers. Due to ongoing sanctions from Europe and the United States, unclear payment mechanisms, and weak Asian demand, buyers are adopting a wait-and-see attitude. Many oil tankers are currently on standby, with some planning to conduct ship-to-ship transfers in the waters near Singapore.

The report stated that despite Iran's claim of exporting over 40 million barrels of oil since the lifting of the U.S. maritime blockade, unsold crude oil continues to accumulate. Meanwhile, Indian state-owned refineries have secured crude oil supplies until the end of August and are still awaiting clearer guidance from the United States on the dollar payment mechanism. There are currently no plans to resume importing Iranian oil in the short term. The market believes that if Iran further increases discounts, it may stimulate some Asian buyers to re-enter the market.