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Crude Oil +4 to 100, as Iran takes desperate measures to store oil -

WSJ -

Iran’s oil tanks are filling up as the U.S. blockade of its ports is preventing its shipments from reaching customers and empty tankers from loading up. To avoid shutting down some of its production, Iran is already storing oil on floating tankers. But now the Islamic Republic, which is dependent on oil exports for the bulk of its revenue, is resorting to previously unused methods to conserve storage space, say current and former Iran officials.

The regime is using containers and “junk storage”—disused tanks in poor condition—in the southern oil hubs of Ahvaz and Asaluyeh, the officials say. Iran is also trying to send oil by rail to China, said Hamid Hosseini, spokesman for Iran’s oil exporting union.

Most exporters typically shun rail exports as they are much less profitable and efficient than seaborne transport.