Iran's Floating Oil Storage Shrinks to Five-Month Supply
Iran's floating oil storage has declined from 192 million barrels in mid-April to about 80 million barrels at the end of August, according to Kpler. The US naval blockade of the Strait of Hormuz is 100% effective, preventing tankers from exiting the Gulf and limiting loading at Kharg Island. At current discharge rates, Iran's export reserve afloat will dry up early in the New Year.
Why it matters: This highlights the theme of economic warfare, as the blockade and sanctions are exerting decisive pressure on Iran's oil exports and financial resources.