Iran’s Floating Oil Storage Jumps Amid Tighter Sanctions

Iran’s oil is increasingly finding its way into floating storage offshore Southeast Asia instead of at customers as a recent raft of U.S. sanctions on tankers shipping Iranian oil has made Chinese buyers more careful. The volumes of Iranian oil stored on tankers at sea, predominantly offshore Malaysia’s eastern coasts, have swelled to their highest levels since the end of July, per data from Kpler cited by Bloomberg. As of December 15, a total of 16.82 million barrels of Iranian oil were sitting on tankers at sea without going anywhere.…