Iran Vows to Sell More Oil Than Permissible Under Nuclear Deal

0
117

Iran Vows to Sell More Oil Than Permissible Under Nuclear Deal

Iran will send oil shipments at maximum capacity, in violation of a cap spelt out in an interim arrangement that offered the country some sigh of relief from measures over its nuclear program, Oil Minister Bijan Zanganeh said.

On average, Iran exported about 1.37 million barrels per day of crude oil during the first quarter of 2014, the International Energy Agency said.

The US said in November last year that Iran should ship an average of 1 million barrels per day in the six months to July as per an interim deal meant to check the country’s nuclear program in exchange for easing sanctions, Bloomberg reported.

“We don’t accept any figure or number that is told to us in terms of a measure for our own exports. Iran will set Iran’s export level, and we will export at the maximum level possible,” Zanganeh told reporters in Tehran on Thursday.

Iran is the fourth-largest oil producer in the Organization of Petroleum Exporting Countries. Its crude output sank in the past two years after US and European sanctions had an impact on the country’s energy and financial industries. Iran produced 2.84 million barrels per day of crude oil in April. That’s a drop from 3.5 million in January 2012.

**relatedarticle**

But Iran’s deputy oil minister Ali Majedi, said in April 14 that the country’s crude exports were expected to average 1 million barrels per day within the period spelt out under the interim accord.

According to Wall Street Journal, Iran said talks over its nuclear program had no bearing on Iran’s crude exports.

Iran’s government is trying to create a good environment for foreign investment in crude, natural gas and production of chemicals as it seeks to have sanctions eased. The US and its allies accuse Iran of trying to develop nuclear weapons, allegations dismissed by the country’s government.

To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com