News

Iran has set up a crude oil storage facility with a capacity of 1 million barrels in the southwestern Bushehr province, Press TV reported, citing an Iranian Offshore Oil Co. official.

International sanctions against Iran over its nuclear program have hampered crude exports from the second-largest producer in the Organization of Petroleum Exporting Countries. Much of Iran’s unsold March production ended up in onshore and floating storage in April, according to the International Energy Agency. The European Union is set to ban purchases of Iranian crude starting in July, possibly intensifying Iran’s need for additional storage facilities.