BREAKING NEWS

Iran parks millions of oil barrels on tankers

By REUTERS

APRIL 24, 2013 18:56

Iran is storing millions of barrels of oil on tankers in its territorial waters as Tehran struggles with tougher Western sanctions on its vital seaborne export trade, ship industry sources say.

Iran's oil revenues have fallen by about 50 percent since tough EU and US measures were imposed last year, hurting business and cutting living standards for ordinary Iranians.

"There is no doubt there are more Iranian tankers being used for floating storage at the moment on their side of the Gulf and the feeling is this is expected to rise," said a European ship industry source with knowledge of tanker movements.

"The embargo is hurting and there has been talk of attempts by Iran to unload oil cargoes at distressed prices."

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