Iran Resorts to Floating Storage for Its Oil as Buyers Retreat - Bloomberg

Iran Resorts to Floating Storage for Its Oil as Buyers Retreat - Bloomberg:

Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs. 

The build-up of crude in floating storage offshore Iran signals the effectiveness of the new sanctions imposed by U.S. President Donald Trump on the Persian Gulf country’s oil. The measures are due to start in early November, but buyers including France, South Korea and others have already started to cut back sharply.

“We can expect floating storage to increase under the growing impact of U.S. sanctions in the coming months,” Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA, said from London.