Despite sanctions that have crippled Iran's oil exports, the country continues to pump at nearly pre-sanction levels.
And since the oil rich nation is struggling to sell its oil, it has begun funneling the excess crude to storage locations on land and sea.
So why doesn't Iran simply turn off some oil wells to manage its production? Well, shutting off oil fields isn't as simple as turning a tap. It's a complicated process that ultimately could harm future production.
An ocean of oil, but no takers: Up to 17 supertankers and seven smaller ships owned by the country's shipping company are anchored in the Persian Gulf and elsewhere according to the International Energy Agency. The ships have become floating storage facilities for oil that no one is willing to buy. . .View Full Article