Export Oil

Iranian Oil Minister Mohsen Paknejad says that possible activation of snapback mechanism will have no effect on Iran’s oil export volume, and in this case, Iran is fully prepared to maintain exports and overcome limitations.

Iran’s Oil Minister Mohsen Paknejad says the country has been planning for a potential scenario in which the United Nations sanctions are re-imposed on the country by European powers.

Iran managed to significantly increase its oil export revenues last year, according to new OPEC data, which shows that US sanctions have failed to choke off the country’s lucrative oil business.

Iran’s oil production fell slightly in June amid an Israeli war of aggression against the country and despite a general rise in output by major oil producers, according to the latest data by the Organization of the Petroleum Exporting Countries (OPEC).

EghtesadOnline: Russia is willing to step in to help Iran export its oil while the country is struggling to keep the oil flowing due to the new US sanctions.