Iran not worried that Trump may toughen oil sanctions: min.

EghtesadOnline: Iranian oil minister Mohsen Paknejad said on Wednesday that Iran has some valuable experience in getting around US sanctions.

“In countering the sanctions, we do not distinguish between (incumbent US President Joe) Biden and Trump and we have no special worries given that there are some tested solutions and valuable experiences,” Paknejad told reporters after a Cabinet session in Tehran, according to PressTV.

He said Iran plans to sustain oil production and exports and was ready for possible oil curbs by the new US administration.

Reports have suggested that Trump and his foreign policy team may decide to take a tougher line on Iran than the current administration led by Biden.

Official data shows that Iran has ramped up its oil production and exports in recent months despite an existing regime of US sanctions that impose harsh penalties on buyers.

Latest data by the Organization of the Petroleum Exporting Countries (OPEC) show Iran’s oil output reached 3.259 million barrels per day (bpd) in October, down slightly from figures reported in September.

Estimates suggest the country’s oil exports have been at an average of 1.5 million bpd this year, up from only 0.3 million bpd reported in mid-2019, when Trump enforced sanctions he had imposed on Iran a year earlier and just two years into his previous term as US president.

Data from international tanker tracking services show that most Iranian oil shipments end up in the hands of private buyers in China.

Experts say a potential decision by Trump to cause restrictions on the supply of Iranian oil exports to China may lead to major problems in relations between Washington and Beijing while it would also cause global oil prices to rise to record levels. / Mehr