U.S. Treasury Secretary Bescent: Iran’s oil storage capacity has been exhausted, and it will be forced to shut down production

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ME News message: On May 14 (UTC+8), U.S. Treasury Secretary Bessent said that Iran’s oil storage is full and Tehran will need to stop oil production. After the U.S. imposed a blockade on Iran’s oil exports, the key issue in this conflict is how long Iran’s oil that cannot be exported can be stored before it runs out of space. Some analysts believe Iran still has a few weeks of storage capacity, and Tehran has begun slowly reducing production to deal with this deadlock. In an interview on CNBC’s “Financial Forum,” Bessent said that over the past three days, Iran has been unable to load tankers at its main oil export terminal at Kharg Island because U.S. blockades have prevented tankers from entering or leaving the Persian Gulf. In the first month after the U.S. implemented the blockade, the U.S. military has forced 70 ships, allegedly heading to or departing from Iranian ports, to change course. (Jin10) (Source: ODAILY)

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