• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 2 hours UK, Stay in EU, Says Tusk
  • 27 mins Socialists want to exorcise the O&G demon by 2030
  • 12 mins Nuclear Power Can Be Green – But At A Price
  • 10 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 14 mins German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 7 hours Venezuela continues to sink in misery
  • 50 mins Chevron to Boost Spend on Quick-Return Projects
  • 20 mins What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 22 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 5 hours Maritime Act of 2020 and pending carbon tax effects
  • 19 hours How Is Greenland Dealing With Climate Change?
  • 1 day Solid-State Batteries
  • 23 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 1 day Orphan Wells
Fears Of U.S. Shale Demise May Be Overblown

Fears Of U.S. Shale Demise May Be Overblown

Recent reports have highlighted growing…

Iran Says Europe Looks To Open Bank Accounts To Deposit Iranian Oil Income

Hormuz

Europe is looking to open bank accounts in Europe for Iran to deposit oil revenues and secure Iranian oil exports, Iranian media quoted Deputy Foreign Minister Abbas Araqchi as saying.

“Currently, we are holding close and intensive talks with Europe over their promises to salvage the 2015 nuclear deal between Tehran and world powers,” Araqchi has said, according to the Iranian Fars news agency, reported by Azeri outlet Trend.

At the end of last month, Iran’s Foreign Minister was quoted as reminding the European Union that Iran was still waiting to receive guarantees that the EU would continue to buy Iranian oil even after U.S. sanctions kick in on November 4.

“We are still waiting for Europe to take action on the sale of Iranian oil and the preservation of banking channels,” Mohammad Javad Zarif said.

The EU has triggered legislation known as the blocking statute, which effectively prohibits European companies from complying with third-party sanctions.

In comments reported by Iran’s Tasnim News Agency, Araqchi said on Tuesday that the European parties to the Iranian nuclear deal have until November 4 to “fulfill their pledges” to offset the impact of the U.S. sanctions.

“We have clearly announced to the Europeans that if our main interests in the JCPOA, (namely) the issue of oil sales…, are not served, staying in the deal will not benefit us anymore,” Araqchi said in a broadcast on Tuesday evening.

“As long as we can sell our oil, it will be in our interest to stay in the JCPOA, and even if after the November 4, when the US sanctions are officially re-imposed, we could sell our oil, we might consider continuing the work with the JCPOA,” the deputy foreign minister was quoted as saying.

Europe is expected to be one of the regions to which Iranian oil sales could considerably drop due to Western shipping companies, insurers, and refiners backing out of purchases from Iran over concerns that they could run afoul with the U.S. Administration.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News