1.4m Oil Barrels Extracted from Iran’s Floating Storage: Report
TEHRAN (Tasnim) – Iran has started tapping its oil reserves in floating storage, a report said.
Ship-tracking data from Marine Traffic show that the Islamic Republic has extracted 1.4 million barrels of oil from one of its floating storage tanker called Hilda, The Wall Street Journal reported.
Market participants had estimated Iran’s floating storage in February at 35 million to 50 million barrels.
Iran holds the world’s third-largest proven oil reserves and the second-largest natural gas reserves.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
