Iran will have to start significantly reducing its oil production within about a fortnight if a US naval blockade succeeds in choking off its exports, though Tehran believes it can resist the economic pressure better than the Trump administration can weather high prices.
The country’s storage tanks, used to hold crude that cannot be loaded on to tankers and exported, are just over 51 per cent full, according to satellite data from Kayrros.
At current export levels of about 1.8mn barrels a day, that leaves space for roughly 16 days of output before the country surpasses its record storage level of 92mn barrels during the 2020 Covid-19 pandemic.
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