Ministry of Oil of the Islamic Republic of Iran spokesman, "Iran does not have crude oil left on the water or surplus for supply in the international markets", Iran International reports

Newsquawk StaffOil newsPublished 20 Mar 2026, 19:37 UTC

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Ministry of Oil of the Islamic Republic of Iran spokesman, "Iran does not have crude oil left on the water or surplus for supply in the international markets", Iran International reports

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The spokesman of the Ministry of Oil of the Islamic Republic of Iran, in response US Treasury Secretary Bessent, says "Iran does not have crude oil left on the water or surplus for supply in the international markets, and these statements are an attempt to give hope to buyers and psychologically control the market."
The US Treasury Secretary said that Washington may lift the embargo on Iran's "on water" oil, which has been suspended on tankers, in the coming days to help increase global supply and lower prices. He said that the volume of this oil is about 140 million barrels and its release can contribute to the stability of the global energy market.

Context

The Iranian spokesman's denial of having surplus oil suggests a defensive stance against U.S. attempts to influence global oil supply. This statement challenges the U.S.'s claim that lifting the embargo could quickly stabilize markets, indicating potential supply constraints and possible upward pressure on oil prices in the short term. Market participants should watch for reactions in energy prices, especially in WTI and Brent futures, as well as implications for geopolitical risk in the broader region.

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