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US Attempts to Cut Iran Oil Exports to Zero Will Fail
US Attempts to Cut Iran Oil Exports to Zero Will Fail
Sunday, August 05, 2018

US Attempts to Cut Iran Oil Exports to Zero Will Fail

The US has acknowledged that some oil buyers in China and Turkey will still be purchasing Iranian barrels after the November 4 deadline
The market has already reacted to the possibility of "zero" Iranian oil as prices jump
Sunday, August 05, 2018

US Attempts to Cut Iran Oil Exports to Zero Will Fail

The US State Department's efforts to reduce Tehran's oil revenue to zero will bear no fruit, Majlis Research Center's director said.
"The country has its own traditional customers, namely China and India. Moreover, it will take advantage of special strategies to sell its crude oil," Kazem Jalali was also quoted as saying by Shana, the Oil Ministry's news agency. 
Referring to looming US sanctions on Iran's oil sector, the official noted that US officials had "a wild dream" to remove Iranian oil barrels from the market, but soon they had to face the reality that the dream will never come true as not only Asian states but also Europeans will continue to purchase Iranian oil.
"The department has signaled that some importers could get leeway to taper off purchases beyond the deadline on November 4," he said, noting that the US has acknowledged that some oil buyers in countries such as China and Turkey will still be purchasing Iranian barrels after the deadline arrives.
"Europe is obliged to maintain its oil contracts with the country to show good faith in Iran's nuclear deal that was abandoned unilaterally by US President Donald Trump in May," Jalali said.

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