Iran cuts oil production and storage is nearly full amid pandemic, US sanctions

Reuters reported that Iran's onshore storage facilities are nearly full while production is at its lowest point since the Iran-Iraq war.
A picture taken on March 12, 2017, shows a view of an oil facility in the Khark Island, on the shore of the Gulf. / AFP PHOTO / ATTA KENARE (Photo credit should read ATTA KENARE/AFP via Getty Images)
An oil facility is seen on Kharg Island in the Persian Gulf, March 12, 2017. - ATTA KENARE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Iran has a glut of unused oil as it cuts production amid the COVID-19 pandemic and US sanctions.

Crude oil production was at its lowest level in 40 years in June and storage facilities and vessels are nearly full in Iran, Reuters reported today.

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