In the 26 days between the signing of the U.S.-Iran memorandum of understanding and the reinstatement of the U.S. blockade, Tehran shipped over $6 billion worth of oil products to foreign buyers.
Iran shipped out over 80 million barrels of crude oil and refined products between June 18, when the first blockade was lifted, and when it was reimposed on July 13, according to TankerTrackers.com, a tanker-tracking research firm. The blockade, however, closed around Iran before Tehran was able to ship out all of its storage capacity, so around 30 million barrels of Iranian crude oil were unable to embark.
Recommended Stories
TankerTrackers said over 60 million barrels of floating storage capacity remain available within the blockade perimeter, with the shipments and returned ships taken into account.
As negotiations began breaking down last week, the monitor found that Tehran initiated a scramble to ship out as much oil as possible before the blockade was reimposed. Iran shipped out over 10 million barrels of crude oil and oil products over the night of July 8-9 alone. Tehran shipped 20 million barrels in the 24 hours after the blockade was lifted in June.
UK DESIGNATES IRGC TERRORIST GROUP AFTER ACCUSING IRAN PROXY GROUP OF ATTACKS ON JEWISH CENTERS
The major cash windfall and emptying of some of Iran’s oil storage will help restart the clock on how long Tehran can hold out. While the first blockade was in place, intelligence estimates suggested Iran could last until August before a complete economic collapse. The new timeline is uncertain but is likely to extend several more months.
Iran’s total oil storage capacity is unclear, but Kpler and Bloomberg put the figure at around 95 million barrels. Adding the floating storage capacity, Iran can hold around 155 million barrels of oil.
