Iran’s oil storage almost full as sanctions, coronavrius pandemic weigh

Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus , industry data showed.

Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.

Market intelligence firm Kpler estimated Iranian average onshore crude storage for June to be around 66 million barrels.

That is around 85 percent of available onshore storage capacity.