Iran has sold off all oil reserves from tankers outside the Persian Gulf. Now it may face difficulties

Despite the blockade of Iranian ports by American naval forces, Tehran continued to sell oil located on numerous tankers of its so-called shadow fleet. These vessels left the Persian Gulf before the blockade began. However, by mid-October, oil reserves on tankers used as floating storage facilities were completely depleted.

According to Homayoun Falakshahi, Kpler's Senior Crude Analyst, Iran no longer has oil from these reserves that could be shipped to China.

Previously, oil from floating storage facilities near the coasts of Malaysia and Singapore was transferred to other tankers, which then delivered it to China. Due to the American blockade, Iran can no longer replenish these reserves.

Meanwhile, oil exports by other Persian Gulf countries have exceeded the levels recorded before the start of the war in the Middle East. According to Kpler data, in the week leading up to October 18, these countries exported more than 24 million barrels of oil per day, whereas before the war, the volume was 23.3 million barrels. About 14 million barrels per day, or 82% of pre-war levels, are being exported through the Strait of Hormuz under the protection of American warships.

Oil is transferred to tankers waiting in the Gulf of Oman under the protection of an American squadron. Vessels that delivered the raw materials return to the Persian Gulf and pick up new cargo. Part of the exports goes via pipelines: in the United Arab Emirates, oil flows to the coast of the Gulf of Oman, and in Saudi Arabia, to the shores of the Red Sea.

High oil transportation prices are attracting more and more shipowners to the region. Some companies that previously transported Russian and Venezuelan oil are now switching to Middle Eastern routes. A single supertanker voyage can earn up to $40 million.

According to the publication, one Chinese company recruiting sailors offered them $25,000 for a round trip through the Strait of Hormuz. As Falakshahi noted, transport volumes remain high despite an increase in Iranian attacks, as potential profits justify the risk.

Before the US imposed the blockade in April, Iran's floating storage facilities held about 130 million barrels of oil. By mid-June, when restrictions were temporarily lifted following a preliminary agreement between Tehran and Washington, reserves had shrunk to less than 50 million barrels. Over the next month, they again exceeded 80 million, but after the blockade resumed, they began to steadily decrease.

However, the financial consequences of the export halt will not be immediate. According to analysts, money for oil sold from China usually reaches Iran in about two months. Therefore, Tehran will continue to receive funds for previous deliveries for some time.

However, the loss of oil export revenues could further worsen the country's economic situation. Oil remains Iran's largest source of foreign exchange earnings and provides between 30% and 40% of state budget revenues.

Since July, the Iranian rial's exchange rate against the dollar has fallen by a third. This contributes to accelerating inflation, which reached 89.8% year-on-year in September.

U.S. Central Command, responsible for military operations in the Middle East, stated that the blockade has deprived Iran of at least $25 billion in oil sales revenue.

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