Breaking News
 |  | 

General

Oil sanctions against Tehran to weaken OPEC: Iran official

Orumiyeh, Oil sanctions imposed by the US president against Iran will weaken Organization of Petroleum Exporting Countries (OPEC), the advisor to Iranian petroleum minister announced here on Saturday.

There will remain no such Organization in future after continuation of the sanctions, Moayyed Hosseini Sadr told Islamic Republic News Agency (IRNA).

The US imagines that it can compensate the oil shortage through Saudi Arabia, but it should know that its measure will disrupt OPEC plans because Iran produces five percent of the world total oil output and this is a significant amount, Hosseini Sadr, who is also former Member of Majlis (Iranian Parliament), said.

Iran's oil will not lose its customers because a lot of companies are after buying oil from the country, he noted.

After Washington's May 8 exit from the Iran Deal formally known as the Joint Comprehensive Plan of Action (JCPOA), the US gave 90 to 180 wind-down period to other countries before it starts re-imposing sanctions on Tehran on November 4.

In response to the US sanctions, Iran's first Vice-President Eshaq Jahangiri announced on July 1 that the Iranian government is to offer the country's oil through national stock exchange as the US has targeted Iranian oil sector in order to restrict the country's exports.

As Hosseini Sadr said, there might be a slight decline in oil sale, but different companies' secret purchase of [Iran's] oil can compensate it.

US oil sanctions against Iran will have consequences for Washington, the official added.

He went on to say that behavior of the US President Donald Trump has challenged the whole world.

Referring to interaction which is the necessity of today's world, Hosseini Sadr said Trump raises tariffs on China imports one day, and leaves the Paris Agreement the other day.

Also, he added, Trump withdrew from the Iran Deal a month ago and his move drew criticism from the world.

According to reports, the United States has been trying to put pressure on Asian and African states to decrease oil imports from Iran, and this is while some countries including India, Japan and Turkey still resist the pressure.

Furthermore, the US officials have not held talks yet with China and India as two major importers of Iran oil on the issue.

Source: Islamic Republic News Agency - IRNA


The iran News Gazette is mainly concerned with news and information about the Arab region and also covers international issues. Its main objective is to provide reliable and verified information on the Arab region for publishing on the digital landscape.