Minister denies 40m barrel ‘stranded oil’ claim
The Iranian oil minister denied claims of 40 million barrels of Iranian oil stranded at Sea, stating that the country does not have oil that it "cannot sell."
Regarding foreign media reports alleging that over 40 million barrels of Iranian oil are stranded offshore, Mohsen Paknejad declared, "I deny this claim," ISNA reported.
As reported by ILNA, recent publications from Platts (affiliated with S&P Global Commodity Insights) and Bloomberg News alleged concerning developments in Iran’s crude oil sales to China. These reports claimed that a significant buildup of stored oil — both onshore and offshore — has caused worrisome market conditions, leading to price reductions and steep discounts on Iranian oil.
The minister elaborated that in oil sales, cargoes may be held or redirected based on "market-driven conditions," adding, "These are measures taken according to the circumstances we face. Moreover, we fundamentally do not have oil that we cannot sell."
Latest data from international tanker tracking firms show oil exports from Iran have increased from historic lows of below 0.3 million bpd reported in 2019, when Washington toughened its sanctions on the country, to records of more than 1.8 million bpd in recent months.