Iran to allow private sector to export oil, beat U.S. sanctions

"It is incorrect and unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil", he said.

A large bulk of Iran's oil revenues and banking ties will be at stake if neither can be protected by the EU.

Mohammad Javad Zarif, the Iranian foreign minister, is due to meet counterparts from Britain, France and Germany, as well as Russian Federation and China, in the Austrian capital to flesh out the guarantees that Iran seeks.

The effort comes ahead of President Donald Trump's trip next week to Europe, where he is expected to pressure leaders into joining the far-reaching campaign to handcuff major aspects of Iran's economy, including driving oil exports to zero.

India, Iran's second-biggest customer, struck a defiant tone last month after the Trump administration unilaterally pulled out of the Iran deal, saying it only respects United Nations sanctions, though it slightly reduced Iranian purchases this spring ahead of the US decision to pull out of the pact.

Trump long decried the deal as ineffective and a capitulation to Iran, arguing that it failed to address the country's activities beyond its nuclear program.

"I don't think the State Department would have the confidence to say "zero exports" if they didn't have China on board", said Sara Vakhshouri, a veteran of the Iranian state oil company now at SVB Energy International, an energy consultancy. That encounter is expected to put flesh on an economic package crafted to buffer US sanctions, according to Ellie Geranmayeh, a senior fellow at the European Council on Foreign Relations.

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Japan has for decades relied on Iran as one of its key sources of oil supply.

The biggest buyer of Iranian oil is China, which is likely to resist the USA sanctions as well.

Israel, the U.S., and some other countries, he said, have always sought to either weaken or break off Iran's ties with the world and promote Iranophobia.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers.

Rouhani further said that "this situation makes the U.S. confrontation with Iran very costly, and that the Islamic Republic of Iran, too, is determined to negate the Americans' plots as it always has, since their positions are illogical, illegal, tyrannical, and against global commitments and the UN Security Council's resolutions".

But actually replacing more than 2 million barrels a day of Iranian crude exports won't be easy. Trump moved to assuage markets over the weekend when he tweeted that he asked Saudi Arabia to boost its oil production, but his claim has yet to be substantiated in Riyadh. Even the United States, with record oil production of its own, has a limited ability to increase output much more this year due to infrastructure constraints. That's led to higher prices at gasoline pumps in the United States as it heads toward midterm elections for Congress.

"I can't see how this market ponies up 2.3 to 2.4 million barrels a day in the next four months, at least without sending prices through the roof", Nephew said.

(Copyright © 2015. All Rights Reserved.)
 
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