Iran has reduced oil production to a minimum over the past 40 years

The state has reduced raw material production to a minimum over the past four decades due to the fact that Iran’s oil tanks and storage facilities are almost full because of reduced exports and reduced domestic processing as a result of US sanctions and the COVID-19 pandemic, Angi reports.

The volume of Iranian oil stored on land increased from 15 million barrels in January to 54 million barrels in April and 63 million in June.

The average onshore Iranian oil reserves in June amounted to about 66 million barrels in June, which corresponds to approximately 85% of the total storage capacity.

Iran’s floating oil tanks are also full, CNBC reports citing offshore transportation sources. According to various sources, the Iranian tankers that are used to store oil can contain from 50 million to 56.4 million barrels.

Observers believe that Iran uses about 30 vessels for these purposes, some of which hold up to 2 million barrels. Iran’s tanker fleet has 54 ships.

It was previously reported that Canada resumes oil production at 20% of the closed fields.

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