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Energy

Iran's hope of Ukraine oil windfall fades, lacking leverage on U.S.

Millions of barrels of Tehran's crude sit in tankers offshore while negotiations stall

While the world is desperate to find an alternative to Russian oil, the U.S. -- sitting on abundant shale -- is not. This has frustrated Iran, which hoped for leverage on the nuclear deal.   © Reuters

TEHRAN -- Anticipating the possible lifting of U.S. sanctions, Iran has amassed 150 million barrels of oil on ships off its coast, sources tell Nikkei Asia.

In Bushehr Province, across the Persian Gulf from Kuwait and Saudi Arabia's east coast, a long queue of tankers floats near the shore. These ships hold Iran's surplus oil, which can be pumped into the market as soon as sanctions are lifted, local officials said.

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