February 24, 2022
Iran is expected to begin selling its oil in significant volumes to South Korea if a nuclear deal is signed.
The Middle Eastern country may have as many as 65 to 80 million oil barrels on stationary tankers, Bloomberg reported, citing data from intelligence solutions provider Kpler.
An estimated 80 percent of that volume is a by-product of natural gas extraction, also known as condensate.
Crude that is already in transit is not included in the projected volume.
As tensions between Russia and Ukraine progress, oil markets are eyeing Iranian oil once again.
This comes as Brent crude has just hit over $100 per barrel as a result of the conflict outbreak.
An agreement may be within reach soon, which would cause US sanctions on Iranian oil to be lifted.
Once sold, the Iranian oil can be immediately shipped, Bloomberg reported, citing Anoop Singh, head of East of Suez tanker research at Braemar ACM Shipbroking Pte in Singapore.
“We think a lot of that will flow to South Korea,” he added.