“I completely reject this claim,” Paknejad said in response to recent reports by Platts, affiliated with S&P Global Commodity Insights, and Bloomberg, which alleged a buildup of Iranian crude both offshore and on land. The reports suggested the oversupply has led to steep price discounts and market instability, particularly in sales to China.
Paknejad clarified that Iran’s oil sales strategy involves temporary storage or re-routing of shipments based on market conditions, calling such practices “routine” and “tactical.” He emphasized, “We do not have oil we cannot sell.”
Addressing concerns about strain on refineries during the 12-day war with Israel, where Iran reportedly produced 200 million liters of gasoline, the minister noted that supply was managed effectively through strategic measures and the dedication of energy sector personnel.
Iran remains under international sanctions that limit its oil exports, though it continues to maintain a significant presence in key markets, especially Asia.