Intl. institutions predict boost in Iran’s oil exports
Iran’s Ambassador to London Hamid Baeidinejad said Wed. that the prediction of international energy institutions points to an increase in Iran’s oil exports despite the US sanctions.
In a post on Wednesday, Hamid Baeidinejad wrote that international energy institutions had previously estimated Iran’s oil exports below one million barrel a day in the era of the new US sanctions targeting the country’s energy sector, but with the oil purchase by eight countries, which have received exemptions from the US sanctions, they now estimate Iran’s oil exports to hit 1.850 million barrels per day (bpd).
Following the US withdrawal from the Iran nuclear deal back in May and the re-imposition of economic sanctions on Iran, US President Trump vowed to cut Iran’s oil sales to zero. Tehran has said it will continue to sell oil despite the new sanctions. Meanwhile, the US has granted several countries oil import exemptions, including: India, China, Taiwan, Japan, South Korea, Turkey, Greece, and Italy.
Baeidinejad went on to add that Western institutions have, for the first time, admitted that with the new mechanisms employed by Iran regarding its oil sales, it has become impossible to track the country’s oil exports.
He pointed to Forbes as being the first to announce the estimations of energy institutions of Iran’s oil exports as being inaccurate due to the new ways Iran has used for facilitating its oil sales.