Oil minister: Sanctions unable to halt Iranian crude exports

Iranian Oil Minister Bijan Namdar Zanganeh underlined that the US sanctions have failed to stop Iran's oil supplies to other countries.

"Zanganeh guaranteed in the meeting that Iran's oil sales continue under any circumstances, specially under sanctions, and we will not allow any disruption in oil sales," Ali Sari, a senior MP, quoted Zanganeh as saying in Tehran on Tuesday in a meeting with the Iranian lawmakers.

"Sanctions leave no impact on Iran's oil sale," Zanganeh added, according to Sari.

Iran has denied US claims that sanctions have cut off the country’s oil exports to zero, saying it would exhaust any channel to ship its oil to customers around the world.

Iranian First Vice-President Eshaq Jahangiri said earlier this month that Tehran was ready to offer oil futures contracts for certain international buyers to offset the impacts of the US sanctions on its supply to the global markets, vowing that the country would not reduce its production at three to four million barrels per day.

Jahangiri said that contracts for buying Iran’s oil at pre-determined prices with maturity of up to three years would be available for “powerful economies”.

EA