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Source: http://www.reuters.com/article/2012/04/23/us-iran-tankers-idUSBRE83M0W220120423
Half of Iran Tanker Fleet Storing Oil at Sea
(Reuters) Luke Pachymuthu - Iran has been forced to deploy more than half its fleet of supertankers to store oil at anchorage in the Gulf as buyers of its crude cut back because of sanctions, two Iran-based shipping sources said. Sources said 14 of the National Iranian Tanker Company's fleet of 25 very large crude carriers, each loaded with about 2 million barrels of oil, are now at anchor acting as floating storage. A further five of Iran's nine Suezmax tankers, with capacity of one million barrels, are also parked offshore with oil aboard. In addition, storage tanks at Kharg Island, with a capacity of 23 million barrels, are full. China had been expected to take increased volumes of Iranian crude but that has not happened yet. China halved its Iranian crude imports in March compared to a year earlier and South Korea cut purchases by 40%. Japan has also made steep cuts.