An international oil industry executive says US sanctions on Iran have failed to remove the country’s oil supply from the markets.

The US Department of Treasury imposed new sanctions against the Islamic Republic of Iran on Tuesday.

Iran is not concerned that an incoming US administration led by Donald Trump may decide to toughen sanctions on the country’s oil exports.

EghtesadOnline: President Barack Obama formally announced the lifting of U.S. sanctions on Myanmar on Friday by terminating an emergency order that deemed the policies of the former military government a threat to U.S. national security.

EghtesadOnline: Brazilian companies such as Embraer SA and Marcopolo SA are scrambling to close multi billion-dollar deals to sell planes and buses to Iran, seeking to navigate remaining U.S. financial sanctions, senior officials have said.