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Iran parks millions of oil barrels on tankers as buyers retreat | Reuters

Iran's oil revenues have fallen by about 50 percent since tough EU and U.S. measures were imposed last year, hurting business and cutting living standards for ordinary Iranians. "There is no doubt there are more Iranian tankers being used for floating storage at the moment on their side of the Gulf and the feeling is this is expected to rise," said a European ship industry source with knowledge of tanker movements. "The embargo is hurting and there has been talk o ... Continue reading »

Balatarin

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fozolie

Mr. Fozolie

The sheer incompetence and mismanagement is mind boggling and keeps getting worse. And we have our countrymen arguing about Palestine and shedding crocodile tears when the country is facing so many problems. They are making a non issue into a crusade making Iran a target and the people suffer even more.

In the first Persian Gulf War the Mollafia had some 70million barrels in fixed and floating storage speculating the oil price would climb to 100 dollars per barrel ignoring the price rise from desperately low prices of single digits to mid 30's. Rafsanjani, supposedly the economically competent Akhoond was in the presidential seat and the office was not as ineffective as it is now. The the oil price collapsed from 33 to 19 $/BBL Do the 'math' and speculation by the Mollahs cost the country at least 3 billion dollars in 1991 money.

And this is nothing compared to the long term damage they have inflicted on the oil reservoirs and the entire oil industry in Iran.

Fred

Fred

Only oil for domestic needs, NOT a drop for export.