In an update earlier this month, OilX claimed Iran has about 40 million barrels, most of which is likely condensate. Vortexa estimates Iran’s crude in floating storage at 60 to 70 million barrels, while Kpler has put it at 93 million barrels, Bloomberg reported Sunday. However, the volumes would not be released immediately, as issues such as insurance and shipping would have to be dealt with first. “Iran has built up a fairly large fleet of cargoes that could be brought to market fairly soon,” John Driscoll of JTD Energy Services told Bloomberg. Currently, Iran and the United States are both considering the final version of an agreement proposed by the European Union, which is acting as an intermediary in the negotiations. According to recent reports, some of the problems have been fixed, but others still remain and need to be resolved before a deal can be finalized. Israel’s Haaretz reported yesterday that it had seen a copy of the draft proposal, which includes the release of Iranian prisoners and, in return, the release of Iranian funds from international bank accounts. Iran will be free to keep the uranium it has enriched so far but is barred from violating the nuclear deal, the Israeli newspaper wrote. A nuclear deal would mean the return of Iranian crude to international markets, at a rate of about 1.3 million bpd, according to a recent Financial Times report. This would significantly reduce oil prices, at least for a while. Iran is keen to boost its crude oil exports but has signaled it will not rush into a deal until its final demands are made. Chief among them is a guarantee that the deal will survive future US administrations. By Irina Slav for Oilprice.com More top reads from Oilprice.com:
