Iran claims it has circumvented oil sanctions

TEHERAN (AP) - Iran's oil minister claims his country has successfully circumvented sanctions on the sale of its oil.

State TV on Sunday broadcast comments by Mr Rostam Ghasemi that the industry was in "bad shape" about two months ago due to the oil embargo by the West, "but we left the bottleneck behind, almost".

Mr Ghasemi also said that Iran has set up its own insurance for ships that carry its oil after Western companies refused to cover them.

Iran's oil exports have fallen by about half in recent months due to the punitive oil and banking measures enacted by the US and Europe over concerns Teheran is pursuing nuclear weapons. The currency has also plummeted.