Iran floating oil storage builds up: Report

Iran currently has 28.95 million barrels of oil and condensate in floating storage, a rise of 2.1 percent over the past week, the Fars news agency says. 

Citing shipping data and sources which track tanker movements, the news agency said on Wednesday that 38 tankers with stored oil were parked in sea lanes close to terminals in four Iranian ports.

“Figures show 61 percent of the existing space for storage has been filled up,” Fars added.

A Wednesday report said India's oil imports from Iran fell 19 percent in November from a record high the previous month.

Shipments from Tehran were about 620,000 barrels per day (bpd) oil in November, down from 765,500 bpd in October, but well above 138,100 bpd in November 2016, Reuters said.

According to the report, Saudi Arabia and Iraq raised sales to the world's third biggest oil consumer, regaining their positions as the top two suppliers.

OPEC members and other global producers agreed at the end of last month to cut output in a bid to bolster weak oil prices, with Saudi Arabia pledging to bear the lion's share of reductions.

The rise in the kingdom’s exports to India is raising fresh questions about Riyadh's commitment its pledge to cut output.

Supplies from Iran to India more than doubled in January-November to 468,900 bpd from 205,900 bpd in the same period last year, the data showed.

India's average Iranian oil imports in April­-November rose 126 percent to 532,100 bpd and Tehran's share in overall purchases jumped to 12.5 percent from 5.9 percent, according to Reuters.