Millions Of Oil Barrels

 Iran Is Prepared To Launch Millions Of Oil Barrels Into The Market

If an agreement with the United States is reached, Iran has large amounts of oil in floating storage that it could immediately release.

According to an assessment published earlier this month by OilX, Iran has about 40 million barrels of oil, the majority of which is likely condensate.

According to Bloomberg, Vortexa pegs the amount of Iranian crude in floating storage at 60 to 70 million barrels, while Kpler pegs it at 93 million barrels.

However, the volumes wouldn't be made available right away because things like shipping and insurance would need to be resolved first.According to John Driscoll of JTD Energy Services, Iran has amassed a significant flotilla of cargoes that may be released onto the market soon.

The final draught of an agreement put up by the European Union, who is serving as the discussions' middleman, is currently being considered by Iran and the United States.

Some of the issues have reportedly been fixed, but others need to be handled before a deal can be closed, according to recent souChieThe draught proposal calls for the release of Iranian prisoners in exchange for the release of Iranian funds from foreign bank accounts, according to a report published by Israel's Haaretz yesterday.

Iran will be permitted to keep the uranium it had previously enhanced but barred from breaking the terms of the nuclear agreement, according to an Israeli daily.

According to a recent Financial Times article, a nuclear agreement would result in the return of Iranian crude to foreign markets at a rate of about 1.3 million bpd. Oil prices would significantly decrease as a result, at least temporarily.

Iran wants to increase its petroleum exports but has made it clear that it won't rush into an agreement until all of its outstanding demands have been met.