Iran’s Oil Minister Bijan Zanganeh said on Sunday that he was “very hopeful” about an improvement in the country’s crude exports, state TV reported, in spite of tightened U.S. sanctions on Tehran.
“I am very hopeful that our oil exports will improve,” Zanganeh told state TV, adding that cooperation between the members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producer states will stabilise the market.
Industry sources told Reuters last month that Iranian crude exports had dropped in June to 300,000 barrels per day (bpd) or less after Washington tightened sanctions on the country’s oil exports in May. In April 2018 exports stood at more than 2.5 million bpd.
His comments come after the British Marines seized a Very Large Crude Carrier (VLCC), carrying Iranian oil, in the Strait of Gibraltar, claiming it was headed to Syria.
Iran denied on Sunday that the oil was destined for the Arab country, sanctioned by the European Union (EU) and the US since 2011.
“The oil tanker was not headed for the Syrian port that has been mentioned by the British officials. Because the port they said doesn't have a capacity for a super tanker of this size to berth there,” said Iran’s Deputy Foreign Minister Abbas Araghchi in a press conference on Sunday in Tehran.