Iran could maintain stable crude output even if nuclear talks with the US collapse and Washington reimposes stricter sanctions, FGE analyst Mia Geng said Wednesday. The OPEC producer has ample storage capacity to absorb surplus barrels if buyers reduce imports due to US measures, Geng told an industry event. Iran is estimated to have a total onshore storage of up to 200 million barrels of crude and condensate, meaning the country could pump more barrels into storage if exports fall. "A lot of these inventories have been emptied in the past few years, so the storage space is very large," said Geng. That is on top of a large fleet of Iranian-owned tankers, with many vessels often used as floating storage. "It would take a long time for sanctions to affect Iran's domestic oil production. There is a lot of room to control the flow," Geng added.
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