Iran’s Oil Minister has stated that the country has no surplus crude oil left on water to offer to international markets, contradicting recent US announcements. The United States had announced the lifting of sanctions on Iranian crude oil and petroleum products currently at sea until April 19th, with US Treasury Secretary Scott Besant claiming there are about 140 million barrels of Iranian oil at sea. Besant stated the move allows Iranian oil to leave the Gulf and could be sent to countries like India or Japan, rather than going to China. US Energy Secretary Chris Wright claimed the supply could reach Asia within days and last for 30 to 45 days. The decision was expected to benefit countries including India, Japan, Malaysia, Singapore and Indonesia. However, Iran’s assertion that no surplus crude remains on water raises questions about the global energy crisis, especially as oil infrastructure has been severely affected during the ongoing conflict and the Strait of Hormuz blockade continues.
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