News ID: 255893
Published: 0338 GMT July 16, 2019

Minister vows uninterrupted sale of Iran’s oil

Minister vows uninterrupted sale of Iran’s oil

Iran’s Oil Minister Bijan Namdar Zanganeh assured the country’s lawmakers on Tuesday that the export of oil would not come to a halt under any circumstances.

Speaking to Tasnim News Agency, Iranian MP Ali Sari gave details of a Tuesday meeting of a parliamentary group with the oil minister, saying Zanganeh had noted that his ministry welcomed contracts with any purchasers of Iranian oil.

The minister has also given assurance that the export of Iran’s oil would continue under any circumstances and emphasized that foreign sanctions would by no means disrupt oil sales, the lawmaker added.

Zanganeh has pledged that he would continue to make every effort to counter the sanctions as long as he is in charge of the Oil Ministry, Sari added.

On July 13, Iran’s Foreign Minister Mohammad Javad Zarif told his British counterpart that Iran would keep exporting oil under any circumstances, warning London to release an Iranian oil tanker it has captured in international waters.

Iranian First Vice President Es’haq Jahangiri said earlier this month that Tehran was ready to offer oil futures contracts for certain international buyers to offset the impacts of the US sanctions on its supply to the global markets, vowing that the country would not reduce its production at three to four million barrels per day.

Jahangiri said that contracts for buying Iran’s oil at pre-determined prices with maturity of up to three years would be available for “powerful economies”.

“Any powerful country that wishes to work with Iran can pre-order Iran’s oil for the next two to three years,” he added.

The official said the measure was part of Iran’s efforts to minimize the impacts of US sanctions on the Iranian economy and its oil revenues.

Offering future oil contracts is a first of its kind for Iran, a major global supplier which used to earn around $150 billion a year from oil exports before the sanctions started in November. That would create an opportunity for buyers who believe oil prices would increase as a result of protectionist policies adopted by the US government.

Jahangiri said major buyers could count on Iran’s ability to deliver oil at future dates as the country has maintained its production at three to four million barrels per day. 

Late in last month, Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said that the US has run out of moves to pose further pressures on Tehran, adding that his country is restoring its position in the global oil market with increasing supply to its international customers through new methods.

“I said it before and I’ll say it again, they [US] have done all they could (against Iran). We have climbed past the peak of sanctions. Our oil exports are on the rise,” Hemmati told reporters on the sidelines of a cabinet meeting on June 26.


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