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!