Iran’s Offshore Oil Stockpile Nears Exhaustion as Blockade Chokes New Supply

Iran’s offshore crude stockpile in Southeast Asia is being rapidly depleted as the U.S. maritime blockade prevents fresh barrels from leaving the Persian Gulf, according to new tracking data from United Against Nuclear Iran.

UANI said an estimated 9 million barrels of Iranian crude were transferred through ship-to-ship operations in waters off Malaysia during September, drawing down inventories accumulated before the blockade took effect. The group estimates that no more than roughly 10 million barrels of Iranian crude now remain in floating storage around Malaysia’s Eastern Outside Port Limits, or EOPL. 

The drawdown suggests one of Iran’s remaining buffers against the