IFP Exclusive

Iran Needs No Permission to Return to Oil Market: Minister

Iran Needs No Permission to Return to Oil Market: Minister

Bijan Namdar Zangeneh touched upon sanctions imposed on the country’s oil industry, and said, “If sanctions are lifted and resources are provided for the revival of oil wells whose production has dropped, it will be quite possible to export 2.3 million barrels of crude a day.”

“There is [good] market for Iran’s oil, and prices will not fall,” he noted.

Iran’s Oil Sale to Hit 2.9 Million bpd If Sanctions Lifted: President

The Iranian oil minister was blacklisted by the US Treasury Department last month. In reaction, Namdar Zangeneh said the move was a testimony to Washington’s failure to drive Iranian oil exports down to zero.

“The sanctions on me and my colleagues are a passive reaction to the failure of Washington’s policy of bringing [Iran’s] oil exports to zero,” said the minister back in October.

“The era of unilateralism in the world has ended. Iran’s oil industry will not give up,” he added.

The oil minister also emphasized last month that he had no assets held abroad to be subject to the US sanctions, saying he would sacrifice his life, assets and dignity for Iran.

The US Treasury Department imposed sanctions on the Iranian Ministry of Oil, the National Iranian Oil Company and the National Iranian Tanker Company for alleged financial support for the Quds Force of Iran’s Islamic Revolution Guards Corps (IRGC).

Iranian oil exports rose sharply in September in defiance of the US sanctions, according to three assessments based on tanker tracking.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

Tehran’s Grand Bazaar bustles with year-end shopping rush

As the Persian calendar year 1403 draws to a close, Tehran’s Grand Bazaar is witnessing…

4 hours ago

US says Ukraine will have to make territorial concessions

Ukraine should be prepared to give up certain territories as part of any future peace…

5 hours ago

Netanyahu seeking to dismiss head of Shin Bet over lack of ‘trust’

Israeli Prime Minister Benjamin Netanyahu will bring a vote to the government to dismiss the…

6 hours ago

Iran’s former Central Bank officials cleared of currency manipulation charges

Iran’s judiciary has issued a halt to the prosecution of former governor of the Central…

6 hours ago

Death toll from US attacks on Yemen rises to 53: Houthis

Yemen’s Houthi group has announced that US air attacks on the country have killed 53…

7 hours ago

Yemen’s Houthi leader warns of escalation, expands naval blockade against US

Yemen’s Houthi leader Abdul-Malik al-Houthi has declared that his forces will escalate attacks in response…

8 hours ago