Iran's oil reserves in floating storage have decreased to 866,000 barrels, indicating the impact of U.S. maritime sanctions on the country's oil industry. According to Kpler data, before the sanctions began, Iran had nearly 150 million barrels of oil in floating storage, which has dropped to less than 50 million barrels by mid-June of this year.
Maritime Sanctions and Impact on Oil Exports
In April, the United States imposed sanctions on Iranian ports, leading to a significant reduction in the country's oil exports. According to Hamid Fallahshahi, head of crude oil analysis at Kpler, "There is no oil available for loading to China." After the U.S. temporarily lifted sanctions in mid-July following a ceasefire agreement between Washington and Tehran, Iran's floating oil reserves temporarily increased, but this trend reversed after the agreement failed.
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Economic and Political Consequences
The decrease in Iran's oil reserves not only harms the economy of the country but also impacts the global oil market. Fuel prices, especially diesel, are rising globally, exacerbating economic challenges in the United States. Additionally, the cost of the war in Iran is expected to reach $265 billion for American households. However, Iranian officials claim that their economy has shown good resilience against the sanctions. The head of Iran's Central Bank stated that "the claim of the collapse of Iran's economy is merely an illusion."
Currently, the likelihood of peace between the United States and Iran has significantly decreased due to the lack of trust between officials of the two countries. The President and Foreign Minister of Iran recently stated that they cannot hope for peace negotiations in any way. This situation reflects serious challenges ahead for both countries in terms of diplomacy and economy.
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