Iran’s Oil Minister Javad Owji says the country has drawn some 20 million barrels from a floating inventory of more than 85 million barrels of oil that has been stored on dozens of Very Large Crude Carriers (VLCCs) in the Persian Gulf.
Owji said on Wednesday that Iran had managed to find a way around its burgeoning condensate inventory levels by supplying them to refineries and petrochemical plants inside Iran.
Condensate is a very light from of crude and is a byproduct of natural gas extraction.
Sanctions imposed by the United States on Iran’s exports of crude have forced the country to keep its condensate in a number of onshore storage facilities or onboard tankers stationed in the Persian Gulf.
The Iranian government issued permissions for purchase of 12 VLCCs last year to accommodate the anticipated oversupply of condensate over the winter.
By PRESS TV