Iran may exhaust oil storage in weeks under US blockade
Iran's running out of space to store its oil, and things could get messy fast.
Experts say the country might hit maximum capacity in just a couple of weeks, which could force Iran to slash production by another 1.5 million barrels a day on top of earlier cuts.
The main reason? A US naval blockade ordered by President Trump has made it nearly impossible for Iran to ship out its oil since April.
Iran exports fall to 567,000 bpd
Because of the blockade, Iran's oil exports have crashed from 1.85 million barrels a day in March to only about 567,000 now—a huge drop that's also affecting big producers like Saudi Arabia and Iraq.
Even though payments take time to process (so revenue hasn't dried up yet), the strict controls have caused crude shipments through the Strait of Hormuz to plunge by 70%.
That means ripple effects for global oil prices and supply chains, so what happens next could matter far beyond Iran.