US Treasury Sec: Kharg Island Storage Nears Capacity, Iran May Be Forced to Cut Production
US Treasury Secretary Bessent stated that Kharg Island's oil storage will be full in days due to naval blockades, potentially forcing Iran to slash crude production.
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- 📰 Published: April 22, 2026 at 14:24
- 🔍 Collected: April 22, 2026 at 14:31 (7 min after Published)
- 🤖 AI Analyzed: April 22, 2026 at 22:03 (7h 31m after Collected)
Central News Agency
(CNA, Washington, 21st, Comprehensive Foreign Dispatch) US Treasury Secretary Scott Bessent stated that the oil storage capacity at Kharg Island will reach its limit within days. He emphasized that the US will continue to block ships from entering or leaving Iranian ports to further cripple the Iranian regime's financial capabilities.
According to a CNN report, Scott Bessent posted on social media today: 'As US President Trump has made clear, the US Navy will continue to blockade Iranian ports. In a few days, the oil storage space on Kharg Island will be full, and vulnerable Iranian oil wells will be forced to shut down.'
He added, 'Restricting Iran's maritime trade directly targets the regime's main revenue lifeline. The US Treasury Department will continue to exert maximum pressure through Operation Economic Fury, systematically degrading Tehran's ability to raise, transfer, and repatriate funds.' He warned that anyone assisting Iran could face sanctions.
Kharg Island handles about 90% of Iran's crude oil exports. During the war, Iran has still been able to produce and sell large quantities of crude oil, even slightly above the levels seen in the months leading up to the war.
According to JPMorgan Chase, if the blockade is effective and Iran's storage space is exhausted, Iran may be forced to cut or halt crude oil production. Crude-related revenue accounts for about 80% of Iran's export earnings.
However, to cause a significant economic impact on Iran, the US Navy needs to maintain the blockade for a considerable period. According to data from shipping tracking firm Kpler, Iran currently has 176 million barrels of crude oil at sea, of which 142 million barrels are en route to destinations or have left the Persian Gulf. Therefore, Iran still has a massive amount of oil to sell, potentially worth billions of dollars.
Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan Chase, stated: 'The blockade might add leverage in negotiations, but it will only produce effects if strictly enforced and potentially sustained for months.' (Compiled by Lu Ying-tzu) 1150422
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(CNA, Washington, 21st, Comprehensive Foreign Dispatch) US Treasury Secretary Scott Bessent stated that the oil storage capacity at Kharg Island will reach its limit within days. He emphasized that the US will continue to block ships from entering or leaving Iranian ports to further cripple the Iranian regime's financial capabilities.
According to a CNN report, Scott Bessent posted on social media today: 'As US President Trump has made clear, the US Navy will continue to blockade Iranian ports. In a few days, the oil storage space on Kharg Island will be full, and vulnerable Iranian oil wells will be forced to shut down.'
He added, 'Restricting Iran's maritime trade directly targets the regime's main revenue lifeline. The US Treasury Department will continue to exert maximum pressure through Operation Economic Fury, systematically degrading Tehran's ability to raise, transfer, and repatriate funds.' He warned that anyone assisting Iran could face sanctions.
Kharg Island handles about 90% of Iran's crude oil exports. During the war, Iran has still been able to produce and sell large quantities of crude oil, even slightly above the levels seen in the months leading up to the war.
According to JPMorgan Chase, if the blockade is effective and Iran's storage space is exhausted, Iran may be forced to cut or halt crude oil production. Crude-related revenue accounts for about 80% of Iran's export earnings.
However, to cause a significant economic impact on Iran, the US Navy needs to maintain the blockade for a considerable period. According to data from shipping tracking firm Kpler, Iran currently has 176 million barrels of crude oil at sea, of which 142 million barrels are en route to destinations or have left the Persian Gulf. Therefore, Iran still has a massive amount of oil to sell, potentially worth billions of dollars.
Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan Chase, stated: 'The blockade might add leverage in negotiations, but it will only produce effects if strictly enforced and potentially sustained for months.' (Compiled by Lu Ying-tzu) 1150422
Stand with the facts; every sponsorship you make is a force to protect press freedom.
Download the CNA 'First Hand News' APP for immediate updates.
The text, images, and audio/video on this website may not be reproduced, publicly broadcast, or publicly transmitted and utilized without authorization.