OPEC warning: Iran protects oil companies against US sanctions

Sunday, July 1, 2018

For Iran, oil exports are an important source of revenue. That's why US sanctions are his target and Tehran reacts in its own way. At the same time, Iran engages other OPEC countries – and threatens to do so.

Iran is pushing for tougher US sanctions with concessions to the economy. In order to protect the oil sector from punitive measures, private companies will be allowed to export Iranian crude oil in the future, said Vice President Eschak Jahangiri. "The Iranian crude oil is offered on the stock market and the private sector can export it," he said because of the new sanctions announced in the nuclear dispute. At the same time, the Minister of Oil Bidschan Sanganeh warned other OPEC member countries to reverse the deal. Anyone who tries to remove the Iranian market share in the oil sector would commit great treason against the Islamic Republic and pay it one day, said Vice President Jahangiri at a business meeting at Tehran. "We want to stave off the American attempt to stop Iranian oil exports". Saudi Arabia has agreed to increase its oil production, according to US President Donald Trump. The Saudi King Salman has accepted his offer to increase oil production "perhaps up to two million barrels," Trump told Twitter on Saturday. This was to compensate for the loss of supplies by sanctions against Iran and Venezuela.

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The United States called for halting Iranian oil imports by November. In doing so, Trump wants to pressure the country to agree to negotiate a stronger successor agreement for the nuclear deal. The United States unilaterally terminated the 2015 agreement with Iran in May and announced tougher sanctions on November 4.

Faced with declining inventories and demands of Opec's major customers such as the United States and China Organization of Petroleum Exporting Countries (OPEC) last month accepted the principle of a production higher oil. According to estimates, members of the oil cartel and other major oil-producing countries, such as Russia, are expected to increase their production by about one million barrels a day from July.

Source: n-tv.de