Iran Exports Crude at 20% Premium Even as Unsold Barrels Pile Up at Sea

Crude oil in floating storage off the Iranian coast is on the rise amid reluctance among buyers, Bloomberg reported today, citing data from Vortexa and its own calculations, suggesting some 58 million barrels are sitting on tankers.

More than 90% of those barrels had no clear destination, Bloomberg said in its report, adding that the tankers were "indicating "for orders" or Singapore as their next port of call, a sign they may conduct ship-to-ship transfers in the Malacca Strait." Interestingly, an earlier report by CNBC said Iran was selling crude…