Iran’s oil exports are at a standstill due to US sanctions. When the storage is filled, he is storing oil in old tankers. Closing the wells risks permanent damage, putting Iran’s economy in serious trouble.
Tehran: Iran’s oil industry is facing a major crisis amid increasing tension in Western Asia. Iran’s crude oil exports have almost come to a standstill due to America’s stringent sanctions. But Iran faces another big problem – it cannot shut down the oil wells, because it would risk permanently damaging them.
More than 90% of Iran’s total oil production is handled from Kharg Island. The storage tanks built here are almost completely filled. In such a situation, Iran has found a new and unique way to accumulate crude oil. According to international media reports, Iran is now using its old and unused oil tankers as storage.
In this series, Iran has re-commissioned a 30 year old oil tanker named ‘Nasha’. This ship, which was standing idle for years, has now become a storage tank floating in the sea. This move shows how much US sanctions have hit Iran’s economy.
This tanker can store 13 million (13 million) barrels of oil. At the same time, Iran produces about 1 million (1 million) barrels of oil every day. Gulf News quoted maritime trade analysts as saying that according to this, the ‘Nasha’ tanker will be completely filled in just 13 days. Experts say that since April 16, Iran has been seen loading oil into ships in satellite images. If this storage capacity is also exhausted, Iran’s economy may suffocate.
It is also not easy for Iran to suddenly shut down oil wells. Doing so may worsen the pressure beneath the ground and affect the functioning of the well. If production is stopped, there is a risk of the wells filling with water, which may reduce the amount of oil. This can cause permanent damage to the wells. This is the reason why Iran continues to extract oil despite the stoppage of exports.
According to current data, Iran now has only 12-13 days of storage capacity left. If exports do not resume soon, Iran will have only two options – either close the wells and suffer long-term loss of production, or face a major economic crisis. Experts believe that storing oil in old ships is only a temporary solution.