Iran storing oil in tankers

Aug 13, 1999 02:00 AM

Shipbrokers say that Iran has chartered four oil tankers for storage purposes off Kharg Island with a total capacity of 11.4 barrels. It has been reported that the country's NITC also has access to four older Iranian tankers at Kharg, which could be used for storage, with total capacity of 8.8 mm barrels.
Floating storage allows countries to react quickly to changing market conditions. A 20 mm-barrel reserve would give Iran a rapid means of influence over supply and demand.
An Iranian official denied a report that Iran planned to build storage at sea with a view to deterring OPEC states from cheating on oil quotas. Hojatollah Ghanimifard, a director at the Iranian state-owned firm, said Iran did not endorse such a policy.

Source: IINX via Iinoil
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