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Iran's June Onshore Oil Stocks Up 3.2m Barrels

Iran's June Onshore Oil Stocks Up 3.2m BarrelsIran's June Onshore Oil Stocks Up 3.2m Barrels

Iran’s onshore oil stocks rose 3.2 million barrels in June compared with the previous month to 33 million barrels, according to analysis firm Kayrros. Kharg Island inventories led this increase with a build of 3.1 million barrels, while inventories at Siri, Lavan and Bandar Abbas moved marginally, the data showed, Reuters reported. Kayrros pegged Iranian floating storage at 630,000 barrels in June. "Following the lifting of sanctions in January 2016, floating storage was first to draw, dropping to a low of 1.7 million barrels in January 2016 from a high of 25 million barrels at the end of November 2015." Iran holds the world's fourth-largest proved crude oil reserves and the world's second-largest natural gas reserves. It holds nearly 10% of the world's crude oil reserves and 13% of OPEC reserves. About 70% of the country's reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf.

 

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