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  HOME | Oil, Mining & Energy (Click here for more)

Iran Announces Oil Export Plan Via Private Companies, despite US Sanctions

TEHRAN – Iran’s first vice president presented on Sunday a plan to continue exporting Iranian oil through private companies, despite sanctions imposed by the United States on that sector that will come into force in November, according to the Iranian news agency IRNA.

Eshaq Jahangiri explained in a speech broadcast on state TV that the Iranian government is to offer the country’s oil through the national stock exchange.

“We have friendly countries to which we sell our oil, and we’ve started negotiations with them,” Jahangiri said.

“The private sector can openly buy oil and export it,” Jahangiri reiterated.

The US government has threatened sanctions against any companies worldwide that, starting from Nov. 5, continue doing business with Iran, including the purchase of oil.

The king of Saudi Arabia, Salman bin Abdulaziz, confirmed Saturday that he had committed to increasing oil production at the request of US President Donald Trump, so as to compensate for any potential supply deficit.

Trump previously said on Twitter that he had asked the Saudi monarch for an increase of up to two million barrels a day to contain oil prices, which he claimed was to deal with “turmoil and dysfunction in Iran and Venezuela.”

The US withdrew in May from the 2015 nuclear agreement signed with Iran, and once again imposed sanctions on Tehran, including the energy sector, which is the main source of income for the Islamic Republic.

 

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