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Iran’s Oil Reserves Run Dry as U.S. Naval Blockade Tightens

Iranian oil in floating storage has been drained amid the U.S. Navy blockade, the Wall Street Journal has reported, citing Kpler data that suggests further tightening in global oil supply. “There’s no more oil to discharge to China anymore,” Kpler’s head of crude oil analysis, Homayoun Falakshahi, said, as quoted by the WSJ. Before the United States imposed a blockade on Iranian ports in April, Iran had close to 150 million barrels in floating storage, the report said. That dipped to less than 50 million barrels by mid-June,…