Iran Claims It Has Shipped Over 40 Million Barrels of Crude, With Unsold Cargoes Floating in Asian Waters

Iran claimed it has shipped more than 40 million barrels of crude oil, but a large volume of cargoes was still floating in Asian waters awaiting sale. According to Jin10, the report described the situation as supply without demand, saying floating storage risks were building. It also said Dubai crude’s term structure had seen a sharp reversal, and that tightness in near-term Middle East crude spot supply had been largely absorbed.