Iran facing forced production cuts as oil storage dries up

A new analysis warns that Iran is rapidly running out of places to put its crude oil, with just 12 to 22 days of unused storage capacity remaining. the U.S. naval blockade has strangled the country’s exports, which have plummeted from a March average of 1.85 million barrels per day to just 567,000 this month—a devastating 70% drop. If the blockade continues, Tehran may be forced to cut oil production by another 1.5 million barrels per day as early as mid-May.