Iran Doubles Oil Stored in Tankers

Iran, OPEC's second-largest oil producer, more than doubled the amount stored in tankers idling in the Persian Gulf, sending ship prices higher as demand for some of its crude fell, this is a direct cause of the crude prices, if the prices dont come to acceptable levels below $100 then the situation for producers and oil companies and in general all speculators will become worse..
The 10 tankers hold at least 20 million barrels of oil, equal to about 5 days of the country's output. Rates for tankers have more than tripled since April 8, based on data from the Baltic Exchange and ship-fuel prices.
While oil rose to a record $119.93 a barrel on April 28, Iran has a glut of its sulfur-rich crude as refineries that can process the fuel shut down for maintenance. The discount on Iranian Heavy crude compared with Oman and Dubai petroleum has more than doubled since the start of the year.
There's not much demand for heavier crudes such as those from Iran, It's the peak of the refinery maintenance season in Asia, and Iran also sells oil to Europe and the Mediterranean, where some refineries are having turnarounds, or seasonal shutdowns for repairs.