Iran’s Floating Oil Hoard Swells

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone says the oil fluctuations are part of a "normal cycle"
A hoard of Iranian oil is building up at sea, as the Islamic Republic struggles to find buyers before the expiry of a 60-day window granted by Washington.
More than 20 million barrels of Iranian crude have been idling in Asian waters for at least seven days, up nearly 18% from a week earlier, according to Kpler Ltd. Estimates for the overall volume of the country’s oil on water — either in transit or stationary — have ranged from 58 million to 68 million barrels since the US sanctions waiver kicked in last week, according to data from Vortexa and Bloomberg calculations.
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