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If Iran oil exports hit 4 mbd, sanctions would be impossible

Petroleum Minister Bijan Zangeneh said on Friday that if certain people had not caused delays in ministry’s activities to conclude five other deals with Total to raise Iran’s oil exports to 4 mbd, the US would not be able to impose sanctions on its crude.

If Iran oil exports hit 4 mbd, sanctions would be impossible
(Monday, July 2, 2018) 13:47
Without naming those behind delays in oil contracts, he told IRNA on Friday if Iran’s oil exports had been raised to four million barrels per day, the US would not have been able to slap sanctions on Iran oil, as exclusion of Iran from oil market would cost it dearly.

The US failed to sanction Russia’s oil and gas, as its oil and gas exports were so high that the market could not bear omission of Russia’s oil and gas supply, he said.

As to guarantees obtained in Iran-Total deal, he said that structure of the IPC deal were such that if the opposing parties failed to implement its side and announce it, it can leave the deal, but no money would be paid until the time the deal was fully implemented.

Noting that it has been predicted in Iran-Total deal if the latter leaves the deal another company, a Chinese firm, will replace it, he added that Total has not yet abandoned the deal and some 25 days out of 60 day deadline is still remaining to hold talks with the US.

It is unlikely for Total to receive exemption from the US, he said, if the Chines company is not willing to undertake the project, another company will continue the work.

On May 9, US announced its decision to quit Iran nuclear deal known as the JCPOA and reinstate sanctions that had been lifted under the deal against Tehran.

Last Tuesday, a high-ranking official of the US State Department urged all countries to lower Iran oil imports to zero.
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