TEHRAN, Iran (AP) — Iran's oil minister says the country's crude oil exports are rebounding after being hit by a European embargo in July.
Rostam Qassemi says Iran has found ways to provide insurance on tankers carrying Iranian crude to Asian customers and others as part of efforts to offset Western sanctions. He spoke Wednesday before parliament on Iran's strategies to counter punitive measures imposed by the West over Tehran's nuclear program.
The International Energy Agency say Iran's oil exports plunged to 1 million barrels a day in July from 1.74 million barrels a day in June after the embargo by the European Union, which accounted for around 18 percent of Iran's exports.
The semiofficial Mehr news agency did not give any new export figures attributed to Qassemi.