Nuclear deal could release Iranian oil

Iran may have 93 million barrels of crude oil stored in tankers which could be released if a nuclear deal were to be reached – helping fill the void left by reduced Russian supplies to Europe


May 2018: President Donald Trump withdraws U.S. from Iran nuclear deal, reimposing sanctions on Iran’s oil sector


VOLUME OF IRANIAN OIL STORED OFFSHORE (as estimated by ship-tracking firm Kpler) 

Kpler believes Iran has millions of barrels of crude oil stored in vessels in Persian Gulf, near China and off coast of Singapore

Aug 25, 2022: 93 million barrels

120 million barrels
110
100
90 
80 
70
60
Sep Nov Jan Mar May Jul
2021	2022


Persian Gulf 
China 
Indian Ocean
Singapore


BRENT CRUDE
($ per barrel)

Covid-19 pandemic begins

Russia invades Ukraine

Return of Iranian oil to global markets could lower Brent crude price to $65 in 2023

100
50
0
2019 2022


Sources: Bloomberg, CNBC, Markets Insider
Picture: Getty Images
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