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More than 58 million barrels of Iranian oil remain on the water with over 90 percent lacking a confirmed destination. Chinese refiners have reduced purchases amid lower run rates and financing concerns.
cnbc.comMore than 58 million barrels of Iranian crude and condensate were on the water as of July 1, according to Vortexa data and Bloomberg calculations. Over 90 percent of the volume has no clear destination, with vessels listing "for orders" or Singapore as their next port.
The Islamic Republic received a 60-day window to sell the oil after sanctions were lifted in mid-June. Half of the more than 40 million barrels shipped since the waiver began has been idling in Asian waters for seven days or longer.
China's independent refiners, previously Iran's main customers, have cut run rates to a nine-year low. State-owned refiners have also stayed out of the market, citing bank financing concerns. Chinese crude imports fell to 7.8 million barrels per day in May, a roughly 30 percent decline from the prior year's average. Imports of Iranian crude halved in June to about 654,000 barrels per day.
UK insurance restrictions remain in place.
Some ports are reluctant to accept vessels associated with the dark fleet. Indian state processors have secured Russian crude through August and are seeking clarity on payment channels before considering Iranian purchases. Sellers have contacted refiners in India, Japan, and South Korea with limited response so far.
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