TEHRAN – Iran’s Oil Minister Bijan Namdar Zanganeh denounced comments by US President Donald Trump that the international oil market would remain normal by cutting purchases from Iran. Iran is supplying up to 2.5 million barrels of oil per day to the world market, Zanganeh told ICANA, saying a cut in this amount of Iranian […]
TEHRAN – Iran’s Oil Minister Bijan Namdar Zanganeh denounced comments by US President Donald Trump that the international oil market would remain normal by cutting purchases from Iran.
Iran is supplying up to 2.5 million barrels of oil per day to the world market, Zanganeh told ICANA, saying a cut in this amount of Iranian crude will definitely affect the market.
“Mr. Trump talks too much,” he said, responding to the US president’s remarks in a document extending an embargo on the supply of oil from Iran, first introduced in 2012.
“I determined that there is a sufficient amount of oil and oil products from countries other than Iran, and this allows a significant reduction in the volume of oil and petroleum products that are purchased from Iran,” the November 17 memorandum sent by Trump to the US finance and energy ministers read.
Elsewhere in his comments, Iran’s oil minister played down concerns about a recent drop in international oil prices, saying it demonstrates a reduction of political tensions in the region.
Iran’s oil exports have almost doubled since the implementation in January 2016 of the Joint Comprehensive Plan of Action (JCPOA), a nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Iran sits on the world’s fourth-largest oil and second-largest gas reserves, and is among the world’s top 10 oil and top five natural gas producers.
