• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 15 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 8 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Iran Invites Private Companies To Export Crude

Iran will allow private companies to start exporting crude oil as part of its efforts to counter U.S. sanctions against its oil industry, Reuters reports, quoting the country’s First Vice President Eshaq Jahangiri.

“Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way,” Jahagiri said, adding that “Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products.”

Iran exports crude oil and condensate at a rate of 2.5 million bpd. Taking this off the market, an Iranian official said earlier this month, “in a period of a few months is impossible.”

Last week, the U.S. asked its allies to cut oil imports from Iran to “zero” by early November when the U.S. sanctions on Tehran return, causing oil prices to rise on expectations that more Iranian barrels could be taken off the market than expected as the U.S. Administration looks determined to choke off as much Iranian oil exports as possible.

Later the White House increased the pressure, threatening sanctions for any country that continues to import Iranian crude after the November 4 wind-down deadline. Most buyers of Iranian crude had hoped for waivers and have been actively seeking them in the past couple of weeks, but Washington’s stance seems to be toughening by the day.

Hopes in the Trump administration are that other Middle Eastern producers will step in to compensate for the shortfall in supply, notably Saudi Arabia and possibly its Gulf allies.

Iran, however, is not giving up. "We will surely do something to thwart the US rallying cry that Iranian oil [exports] must be stemmed," Jahangiri said in a speech over the weekend. "The [Iranian] government has a plan ... and God willing we are certain that we will be able to sell as much oil as we want."

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News