Iran's overseas floating crude stockpiles in Asia have reportedly fallen from about 135 million barrels at the start of the war to effectively zero by mid-October, according to Kpler data reported by The Wall Street Journal. The figure covers oil held aboard vessels outside the blockade zone, not oil still underground in Iran.

Floating storage matters because it acted as a buffer. Once crude was loaded onto tankers, it could still be sold or held offshore even as new seaborne exports were restricted. Losing that buffer removes a flexible source of revenue and leaves Tehran more exposed to the pace of any new sales, payments and sanctions enforcement.

Why the December warning matters

US Central Command has estimated that the blockade has already denied Tehran at least $25 billion in oil revenue. Outstanding payments for oil delivered earlier could sustain some income for a time, but reports cited on Monday warn that those payments could be depleted by December, tightening pressure on public finances.

Analysts differ on the scale of that pressure, so the range should be read with care. One estimate puts oil at roughly 30% of Iran's government budget, while another, including indirect income, puts oil and refined products at 50-60% of regime revenue. The December timeline is described by analysts as a cash-flow disruption, not an immediate financial collapse.

The distinction is important for readers: Iran's proven reserves, cited at about 208.6 billion barrels, are not the same as its floating stockpiles. The reported fall to zero means an offshore inventory buffer has gone, not that the country's oil resources have disappeared.