Iran's floating oil reserves for China sales fully depleted, analysts say

Iran's floating oil reserves, stored in tankers for sales to China, have been completely depleted, according to Kpler analysts cited by The Wall Street Journal on Wednesday, ending a key revenue source for Tehran. At their peak, these reserves held nearly 90 million barrels, but dropped to under one million by October 5 and have since run out, with no more oil available to discharge to China, said Kpler's Homayoun Falakshahi. The depletion threatens Iran's economy, as oil sales provide roughly 30-40% of government revenue, though Chinese payments for past sales may still arrive for up to two months, while US officials report a naval blockade has cost Iran $25 billion.