Iran may roil global oil markets with plans to sell about 45 million barrels of fuel stored in tankers in the Persian Gulf within three months of the removal of sanctions on its economy, according to analysts.

Most of the stored oil is condensate that contains a sulfur compound, which complicates sales because many refineries can't process it, said Victor Shum of IHS Inc and Robin Mills at Dubai-based Manaar Energy Consulting. To market this large amount of oil within three months - the equivalent of about half a million barrels a day - Iran will have to resort to offering deep discounts, they said.

"Iran's getting ready to open the taps," Shum, IHS's head of oil market research, said by phone on October 26. "If they want to unwind this supply in the current weak market, they'll have to offer discounts. It's a buyer's market."

The condensate in tankers moored off its southern coast will add to a worldwide oil glut. Simon Dawson

The country is seeking to claw back the market share it lost under sanctions by boosting oil exports after a July deal with world powers to return to energy and financial markets. The condensate in tankers moored off its southern coast will add to a worldwide oil glut, putting more pressure on crude prices that have dropped more than 40 per cent in the last year. Sanctions curbed Iran's sales of crude and condensate to 1.4 million barrels a day in 2014 from 2.6 million in 2011, the US Energy Information Administration said in June.

Iran pumped 2.8 million barrels of crude a day in September, making it the fifth-largest producer in the Organisation of Petroleum Exporting Countries, according to data compiled by Bloomberg. It plans to boost crude production and exports by 500,000 barrels a day within a week after sanctions are lifted, Roknoddin Javadi, managing director of state-run National Iranian Oil Co, said Octiber 21 in an interview in Tehran. Iran will add another 500,000 barrels in daily sales within six months after curbs are removed, he said.