Iran’s Vanishing Floating Storage: An Update
The correlation with President Biden's SPR release is striking! (With four charts)
Dear readers: We updated some content and we added one chart (Figure 3 below).
EOA’s Main Takeaways:
Iran’s floating storage has vanished, even without an apparent deal with the Biden Administration (Bullish).
In case of a nuclear deal, there is no more Iranian oil to be added to the market (Bullish).
Some estimates have exaggerated Iran’s oil production increases in 2023 (Bullish).
The correlation between the decline in US SPR and Iran’s floating storage (Iran’s SPR) is striking.
Iran’s large floating storage has vanished as shown in Figure (1) below!
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