WANA (Nov 12) – New estimates indicate that the volume of floating oil stored at sea has reached its highest level since the COVID-19 pandemic. However, contrary to certain recent claims, Iran’s share in this increase appears to be limited.

 

According to the latest report released by the oil shipment tracking company Kpler, the combined share of Iran, Russia, and Venezuela accounts for only around 30 percent of the world’s floating oil reserves—oil that producers load onto tankers and keep at sea while awaiting potential buyers.

 

In recent days, some Western analysts have argued that newly imposed sanctions on Iranian tankers, along with restrictions on two major Russian oil companies, have led to a buildup of unsold oil for both countries. Nevertheless, the Foundation for Defense of Democracies in the United States reported three days ago that “sanctioned Iranian tankers continue to move freely” and that Iran’s oil exports have even reached new highs.

Kpler estimates that the bulk of the increase in floating oil reserves is tied to major producers within the OPEC+ coalition. The company reports that floating oil storage among these producers has risen by approximately 43 percent due to a decline in immediate demand—suggesting that the overall increase in global floating storage is not primarily driven by sanctions on Iran or Russia.

 

The Kpler report was removed from the company’s account on the social media platform X just hours after its publication.