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Also, I remember reading about Iran keeping oil offshore for an "emergency".

Sounds like B.S. Read sundog's article:

Another Dubai analyst said due to political risks many companies were unwilling to extend contracts with Iranian companies.

"I think there are few international rigs operational in Iran despite the many tenders coming out," the analyst said.

IOW, sour grapes. They may CLAIM they are "saving the oil," but the truth appears they would really like to pump it, but few are willing to do business with them.

Reminds me of a commie history professor I had back in the 80's who claimed that the Soviets were cleverly "keeping their oil in ground" and would rise up and crush us when we (capitalists) ran out.

I didn't know all the details at the time -- which turned out to be that the Soviets were DESPERATE for hard currency, and trying like hell to pump and transport all the oil they could, but much of their reserves were under hard rock and they didn't have the drilling equipment or expertise to get at it -- but I DID know a couple things that gave me reason to laugh openly at this:

The U.S. was focused on quashing (which they eventually did) a cooperative oil pipeline deal between the Europeans and the Soviets, and that this was reportedly urged by CIA director William Casey.
William Casey's specialty back when he was with the OSI during WWII was economic warfare. Indeed he virtually invented the discipline.
Casey would be focusing on disrupting the most vulnerable, and most essential, aspects of the Soviet economy.