Iran’s Oil Storage Ready To Burst

The amount of oil that Iran currently has in storage may have come off its May peak, according to industry sources, but it is still forcing the oil producer to hold back production. Iran’s oil in storage peaked around the end of May and has declined since, with offshore floating storage sitting at roughly 58 million barrels, London-based oil analytics firm OilX told Oilprice.com. Market intelligence firm Kpler estimates that Iranian crude in onshore storage tanks reached 66 million barrels in June, according to Reuters, while FGE Energy sees…