Kpler: Iran's unused oil storage capacity can hold at most 22 days of supply

Golden Ten Data, April 28 — According to research institute Kpler, Iran is rapidly running out of storage space for crude oil, which could prompt the country to accelerate production cuts. Kpler analysts stated in a report released on Monday that Iran's unused storage space can accommodate 12 to 22 days' worth of supply. Last week, Goldman Sachs indicated that Iran has already cut up to 2.5 million barrels of daily crude oil production. Since the outbreak of conflict on February 28, neighboring countries such as Saudi Arabia, Iraq, Kuwait, and the UAE have also been forced to reduce production. Kpler wrote: "Although Iran's oil production outlook is bleak, the Iranian government may not truly feel economic pressure for several more months." Kpler stated that due to reduced shipping through the Strait of Hormuz, Iran's oil exports have recently fallen to around 567,000 barrels per day. The average export volume in March was about 1.85 million barrels per day.