Selling crude to potential customers is a challenging enterprise when a country is under sanctions, but Iran has found shadow markets that can help it continue to sell oil.
Amir-Hossein Zamaninia, deputy oil minister for trade and international affairs, made the statement to a panel on "Oil and Gas Industry Challenges and Achievements" in a meeting of the Iranian Oil, Gas and Petrochemical Exporters’ Union in Tehran on Monday, IRNA reported.
Zamaninia said buyers send their requests on a regular basis to buy oil. However, their names will not be made public because it will be misused by the hostile elements who have vowed “to zero” Iran’s oil exports.
A shadow market is any unregulated private market in which individuals or entities can purchase property that is not publicly traded.
An unfair trade war has broken out and doing business under the present conditions is not easy, “but some issues are rather surprising”, he said without elaboration.
"We will break embargos and succeed in this war,” the senior oil official added.
There also are, he noted, untapped opportunities to sell petroleum products that have not been used yet.
Zamaninia underscored that think tanks should be formed to come up with new ideas to export oil, noting that new markets must be found to sell hydrocarbons.
Traders have made known that there is enough scale and scope for export in neighboring markets like Iraq, Turkey and Afghanistan with which Iran has common borders
Tehran has made known that there are enough opportunities for export in neighboring countries like Iraq, Turkey and Afghanistan with which it has common borders.
Asked about the long-delayed European Union mechanism to facilitate Iranian trade, known as the special purpose vehicle (SPV), he said “We are pursuing the issue on a daily basis and it will come into effect sooner or later. Even though the Europeans are under US pressure, nobody has said that it is impossible to implement the SPV.”
A Useful Instrument
“If this mechanism is in place, it obviously will be useful, but cannot resolve all difficulties. This will not only help underpin trade but also sustain financial relations with Europe and other trading partners.”
Zamaninia expressed the hope that Europe would not miss the opportunities. "The EU has reached this conclusion that it should be more independent regarding its ties with the United States as Washington is simply pulling out of major international treaties and agreements in total disregard for the views and interests of other countries.”
The US has said it is desperately trying to bring “Iranian oil export to zero to curb Tehran’s nuclear ambitions” and force it to “rethink its foreign policy and missile development program.”
The US withdrew from the Iran nuclear deal last year and imposed new economic sanctions on Tehran to force it to “come back to the negotiating table for a new deal.”
However, fearing a serious negative impact on global oil supply and prices, Washington allowed China, India, Japan, South Korea, Taiwan, Turkey, Greece, and Italy to keep buying Iran’s crude for six months.
