Iran's Offshore Floating Oil Reserves Reach Zero Under Tightening US Naval Blockade

Iran's trackable offshore floating crude oil storage has completely depleted to zero as an ongoing U.S. naval blockade eliminates seaborne export routes. Floating reserves, which stood between 135 million and nearly 150 million barrels prior to restrictions, fell to 866,000 barrels by mid-October before full exhaustion. U.S. Central Command estimates the maritime enforcement has denied Tehran at least $25 billion in vital oil revenue, which accounts for 30% to 60% of government receipts. The loss of Iranian barrels is tightening global energy balances and forcing Chinese refiners to source replacement crude from Brazil and West Africa.