Iran has found new customers for its oil amid negotiations with traditional buyers to circumvent sanctions, Shana reported Iran's First Vice President Eshaq Jahangiri as saying on Sunday.
According to the report published on the Oil Ministry's news outlet, Jahangiri's remarks came during a conference on Sunday when he said although some buyers had stopped purchasing oil from Iran due to U.S. sanctions, they "have been able to find new customers” for their oil, without giving further details.
In addition, he said they had also negotiated with established customers to find solutions for cooperation despite the sanctions. Jahangiri added that Washington was "startled" at growing oil prices because they thought Saudi Arabia could offset potential shortages in the market in the absence of Iranian oil.
"Americans, despite claiming that they want to bring Iran's oil exports to zero, cannot do it, because there are several ways to counter this claim, and the private and domestic companies have come to the fore," he said.
"We have received oil money in different ways, and exports are increasing, and people tend to become more oriented to domestic goods," he added.
Brent oil was trading at $81.42 per barrel at 0654GMT on Monday while WTI saw $71.97. The rise in oil prices is driven by the looming U.S. sanctions against Iran, threatening a fall in global oil supply.
The growing tension between Saudi Arabia and the U.S. over the disappearance of Saudi journalist Jamal Khashoggi is also impacting the upward price trend in the oil market. On Saturday, U.S. President Donald Trump threatened Riyadh with "severe punishment" if it is found that the veteran journalist has been murdered.
Saudi Arabia on Sunday vowed to hit back against threats or sanctions imposed over the disappearance of Khashoggi who went missing since he entered the Saudi Consulate in Istanbul on Oct. 2.
(Anadolu Agency)
