Iran Floating Oil Reserves Near Total Depletion Under Tightened US Naval Blockade

Iran's offshore floating crude oil reserves in Asian waters were fully depleted or down to 866,000 barrels by mid-October under a continuing U.S. naval blockade. Before maritime restrictions began in April, Iran held nearly 90 million to 150 million barrels in floating storage, which dropped below 50 million barrels by mid-June before negotiations collapsed in mid-July. The blockade has denied Tehran at least $25 billion in vital oil revenue and cut supplies to Chinese refiners, prompting buyers to seek alternative crude from Brazil and West Africa.