Iran has no stockpile of crude oil at sea and its floating gas condensates have all been sold, according to the Iranian Oil Terminals Company’s (IOTC) Managing Director, Seyyed Pirouz Mousavi, Financial Tribune informed.

Mousavi affirmed that the Islamic Republic has sold more than 13m barrels of oil that it had long held on tankers at sea, denying claims that it has cargos of seaborne crude. Iran capitalizes on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, Market Pulse informed.

Furthermore, the amount of Iranian oil held at sea has dropped to 16.4m barrels, from 29.6m barrels at the beginning of October 2016. Before that sharp drop, the level had barely changed; it was 29.7m barrels at the start of 2016.

According to Mousavi, Iran’s floating inventory of gas condensates also dwindled as exports picked up soon after the lifting of international sanctions in January 2016 and the increase in  shipments to China, South Korea, Japan and India, its traditional oil buyers.

In related news, Iran announced its crude oil storage capacity is expected to increase by 10m barrels as soon as the construction of storage facilities comes to an end in the port city of Genaveh in Bushehr Province.