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Trump unable to stop Iran oil exports

Trump unable to stop Iran oil exports
ID : N-711 Date : 2017/11/24 - 12:50

(Persia Digest) – Iran’s Minister of Petroleum spoke on the comments of the US President Donald Trump to reduce Iran's oil purchases, and said: “These words have had no effect on our country's oil exports to date.”

In an interview with IRNA official news agency, Bijan Zangeneh also commented on allegations of a cut by India of imports from Iran due to the fact that the “Farzad B” field was not allocated to them for development, and stated: “India is continuing to purchase oil from Iran and there are no specific cases in this regard.”

On 18 November 2017, Donald Trump issued a statement announcing: “There is plenty of oil and oil byproducts in the world from countries other than Iran; therefore, the volume of oil purchases and its derivatives from Iran can be significantly reduced.”

Trump has adopted this position while, according to the 2015 JCPOA Iran nuclear deal, the United States must not prevent the improvement and normalization of Iran's economic and export relations.

Presently, Iran is exporting around 2.5 million barrels of oil and condensate. Over 60% of this is exported to Asian countries and around 40% is exported to European countries.

Prior to the Iran nuclear agreement, this country’s oil exports had been limited to one million barrels a day. This grew very quickly following sanctions relief.

Shortly after the lifting of sanctions, Iran was able to retake its former share of exports in OPEC on the world oil markets. Those companies who were unable to buy oil from Iran due to sanctions began their imports following the nuclear agreement, including Total (France), Shell (British-Dutch), Cepsa (Spain), Saras S.p.a. (Italy), and Hellenic Petroleum (Greece).

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