Iran is struggling to sell its oil despite a temporary easing of US restrictions, with more than 58 million barrels of crude and condensate sitting on tankers and over 90% lacking a confirmed destination, reports Bloomberg. Major buyers in Asia, particularly China and India, remain cautious due to uncertainty over whether US sanctions could be reimposed, financing concerns, and ample regional oil supplies.
The growing floating stockpile threatens to reduce much-needed revenue for Tehran and could weaken its position in ongoing negotiations with Washington. Although Iran says it has exported more than 40 million barrels since restrictions were eased, demand remains subdued, forcing much of its oil to remain at sea while buyers wait for greater clarity on sanctions and payment mechanisms
