Iran is determined to increase its oil exports despite sanctions imposed by the United States on sales of crude from Tehran, Iranian Oil Minister Javad Owji said on Wednesday, adding that the use of oil sanctions as a “political tool” would hurt the market.
“There is a strong will in Iran to increase oil exports despite unfair and illegal US sanctions,” Owji told state television, without explaining how Tehran plans to overcome the sanctions.
“I promise that good things will happen regarding Iranian oil sales in the months to come.”
Oil exports, Iran’s main source of revenue, have plunged under U.S. sanctions, which were reimposed three years ago after Washington abandoned Tehran’s 2015 nuclear deal with six powers.
Tehran does not disclose its crude export data, but estimates based on shipping and other sources suggest a drop from around 2.8 million barrels per day (bpd) in 2018 to as low as 200,000 bpj. A survey put exports at 600,000 bpd in June.
“Iran will return to its pre-sanctions crude production level as soon as US sanctions against Iran are lifted,” Owji said.
“We are against the use of oil as a political tool that would harm the oil market.”
Since April 9, Tehran and six world powers have been in talks to relaunch the nuclear pact. The sixth round of negotiations was postponed on June 20. The next round of talks has not yet been scheduled.
Owji said Iran on Wednesday supported a move by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC +, to stick to a July policy of phasing out record production cuts by adding 400,000 barrels per day (bpd) per month. at the market.
Source: Oil News