Economics
Iran Resorts to Storing Oil in Fleet of Supertankers. Again
- Fully laden oil tankers anchored off Iran over last two weeks
- U.S. pressures buyers to halt Iran crude purchases by November
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Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs.
The build-up of crude in floating storage offshore Iran signals the effectiveness of the new sanctions imposed by U.S. President Donald Trump on the Persian Gulf country’s oil. The measures are due to start in early November, but buyers including France, South Korea and others have already started to cut back sharply.