Nov 07, 2018 13:28 Asia/Tehran
  • Despite US Sanctions, Iran to export more oil: Iran’s envoy

Iranian Ambassador to London Hamid Baeidinejad said, international energy institutions predict that Iran's oil export will increased despite US sanctions.

Iran Press/Iran News: "International energy institutions had previously estimated Iran's oil exports below one million barrel a day in the era of the new US sanctions targeting the country’s energy sector, but with the oil purchase by eight countries, which have received exemptions from the US sanctions, they now estimate Iran's oil exports to hit 1.850 million barrels per day (bpd)," Iranian Ambassador to London Hamid Baeidinejad said in his instagram post.

According to Baeidinejad, western institutions have, for the first time, admitted that with the new mechanisms employed by Iran regarding its oil sales, it has become impossible to track the country’s oil exports.

He pointed to Forbes as being the first to announce the estimations of energy institutions of Iran’s oil exports as being inaccurate due to the new ways Iran has used for facilitating its oil sales.  

Ambassador Hamid Baeidinejad said  Iran's oil export will increased despite US sanctions

The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action- steps that Tehran called economic warfare and vowed to defy.

Iranian president Hassan Rouhani said Tehran had so far been able to sell as much oil as it needs despite US. pressure. 

Speaking in a meeting with the deputies and managers of the Ministry of Economic Affairs and Finance, Rouhani added, "America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions."

The President added, “What the Americans are doing today is putting pressure merely on the people. Today, we are not the only one who are angry about US policies, even European companies and governments are angry about them.”

Oil rebounded to $73 a barrel on Wednesday, supported by a report that Russia and Saudi Arabia are discussing oil output cuts in 2019.

TASS news agency, citing an unnamed source, reported that the two countries, the biggest producers in an OPEC-led alliance that has been limiting supply since 2017, have started bilateral talks on the issue.

A ministerial committee of some Organization of the Petroleum Exporting Countries members and allies, including Russia and Saudi Arabia, is due to meet on Sunday in Abu Dhabi to discuss the market and outlook for 2019. 101/201


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