Iran's Offshore Crude Oil Inventory Exceeds 58M Barrels, Over 90% Unsold as of July 1

According to Bloomberg, as of July 1, Iran's offshore crude oil and condensate inventory exceeded 58 million barrels, with over 90% remaining unsold. Buyers have adopted a cautious stance due to unresolved Western sanctions, unclear payment mechanisms, and weak Asian demand. Multiple tankers are on standby, with some planning ship-to-ship transfers near Singapore.

India's state-owned refineries have secured crude supplies through August and await clearer guidance from the U.S. on dollar payment mechanisms before resuming Iranian oil imports. Market participants suggest increased discounts could attract Asian buyers to return.