On-land storage in Iran is nearly 15 mmbbls above the 5-year average, in Kharg Island levels are 8 mmbbls above 4-year levels, which could be loaded relatively quickly onto vessels.
We currently assess Iranian floating storage at ~50 mmbbl. Back in 2017, floating storage draw by 40 mmbbls over 12 months, with a 14 mmbbls draw in a single month. However, based on our analysis more than 85% of oil held in floating storage could be condensate and not crude oil.
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