Iran’s Floating Oil Hoard Swells
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Bloomberg Intelligence Senior Commodity Strategist Mike McGlone says the oil fluctuations are part of a "normal cycle" A hoard of Iranian oil is building up at sea, as the Islamic Republic struggles to find buyers before the expiry of a 60-day window granted by Washington. More than 20 million barrels of Iranian crude have been idling in Asian waters for at least seven days, up nearly 18% from a week earlier, according to Kpler Ltd. Estimates for the overall volume of the country’s oil on water — either in transit or stationary — have ranged from 58 million to 68 million barrels since the US sanctions waiver kicked in last week, according to data from Vortexa and Bloomberg calculations. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET Saturday & Sunday 7am-10am ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3
Tags: Bitcoin, Commodities, Iran, Mike McGlone, Oil, Paul Sweeney, Scarlet Fu, Strait of Hormuz, Tesla Motors Inc., cryptocurrency
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