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Iran says oil exports undisrupted as sanctions loom

Pirooz Mousavi, the head of the National Iranian Oil Terminals Company (IOTC), says no disruption has occurred in Iran’s oil exports even though the threats of new sanctions against the country loom large.

Iran says oil exports undisrupted as sanctions loom
(Monday, May 14, 2018) 12:05

Pirooz Mousavi, the head of the National Iranian Oil Terminals Company (NIOTC), was quoted by media as saying that Iran’s total exports of oil and condensate stood at an average of 6 million barrels per day (m/bpd). Mousavi added that 60 percent of exports were made to Asia and the rest to Europe.

US President Donald Trump this past Tuesday said he would take the US out of a nuclear agreement that was signed with Iran in 2015. He also signed a presidential memorandum to re-impose what he described as the “highest level of sanctions” against Iran.

The memorandum specifies that many of the sanctions should be re-imposed in 90 days — by August 6, 2018. The most important ones – as reported by media – would be a ban on Iran over buying or acquiring US dollars.

Another set of sanctions will once again be clamped down on Iran within the next 180 days. The most important sanctions would be those concerning Iran’s oil sales and energy sector investment as well as transactions with the Central Bank of Iran (CBI).

Mousavi, whose NIOTC is in charge of controlling Iran’s oil and oil products export points, further emphasized that Iran currently had no oil stored in its tankers at sea in what could have otherwise meant that Iran was not able to sell its crude, IRNA reported.

He said around 800 million had been exported over the past Iranian calendar year (March 2017-18).

The official also added that the required modifications had been made to load a collective of 8 million barrels of oil and oil products at Kharq terminal in a single day, stressing that this would be the new capacity of Iran’s oil exports.

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