Iran’s oil industry is under mounting pressure as sanctions and a US naval blockade in the Strait of Hormuz choke exports, leaving millions of barrels of crude with nowhere to go. At the centre of the crisis is Kharg Island, which accounts for over 90% of Iran’s oil exports and can store up to 30 million barrels. With storage rapidly nearing capacity, Tehran has been forced into an unusual move, reviving a 30-year-old tanker, Nasha, to hold excess crude at sea.If storage fills up completely, Iran may be forced into a difficult choice: cut production or risk long-term damage to its oil fields. Oil that cannot be stored cannot be produced and without exports, it cannot generate revenue, tightening the economic squeeze on Tehran. What is your take on the oil trap?
Previous Article
Iran offers Trump a deal to open StraitNext Article
Elon Musk, Sam Altman head to court in trial