US Treasury: "Iran's Oil Storage Tanks to Reach Capacity Under Maritime Blockade"

U.S. Secretary of the Treasury Scott Bessent stated on April 21 (local time) that if the U.S. military's maritime blockade against Iran continues, the storage tanks on Kharg Island, which houses Iran's largest oil export terminal, will reach full capacity and Iranian oil fields will have to shut down operations.

Secretary Bessent made this statement on the social networking service X (formerly Twitter), saying, "As President Donald Trump has made clear, the U.S. Navy will continue the blockade of Iranian ports."

Scott Bessent, U.S. Secretary of the Treasury. Photo by AFP Yonhap News

He added, "Within a few days, the (crude oil) storage tanks on Kharg Island will be full, and vulnerable Iranian oil fields will be forced to halt operations. Restricting Iran's maritime trade is a direct attack on the regime's core sources of revenue."

Secretary Bessent emphasized, "The Treasury will continue maximum pressure through 'Operation Economic Fury' to systematically weaken Tehran's ability to generate, move, and remit funds. Any individuals or vessels facilitating these financial flows through clandestine trade and finance could be subject to U.S. sanctions. We will continue to freeze funds embezzled by the corrupt leadership on behalf of the Iranian people."

CNN, citing JP Morgan, reported that if the blockade proves effective and Iran runs out of oil storage capacity, Iran may have to reduce or halt crude oil production, which accounts for 80% of its export revenue.

However, the U.S. Navy would need to maintain the blockade for a considerable period in order to inflict significant economic damage on Iran. According to vessel data provider Kpler, Iran still holds 176 million barrels of crude oil, of which 142 million barrels are either en route to their destinations or located outside the Persian Gulf. This means Iran still has a substantial quantity available for sale, amounting to crude oil worth billions of dollars.

This content was produced with the assistance of AI translation services.