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EghtesadOnline: Iran's oil sector can retain its old customers in spite of US sanctions that will take effect on Nov. 4, a senior energy analyst said.

“Some countries in Europe are traditional consumers of Iranian crude and the European Union intends to support Iran in the Joint Comprehensive Plan of Action,” Seyyed Mehdi Hosseini was also quoted as saying by ISNA.

In July 2015, the P5+1 group of countries—the US, Britain, France, China and Russia, plus Germany—signed JCPOA with Iran. Nonetheless, on May 8, Trump announced that the US was withdrawing.

“Iran should take maximum advantage of the conflict between the US and EU on unilateral sanctions on Tehran, as the EU has announced it will support its firms against the US aggressive policies,” Financial Tribune quoted him as saying.

Hosseini noted that the diplomacy with Europe should be based not only on political terms, but also on economic and energy issues.

“In my opinion, Iran must propose to the EU to establish companies, which do not have offices in the United States, for trading oil with Iran. Likewise, the union should set up banks aimed at having financial transactions with Iranian banks using euro and not dollar,” he said.

On the status of Iran in the global oil market, Hosseini said Saudi Arabia cannot pump more barrels and Iran should enter into negotiations with Iraq and Russia to keep their output at current levels.

This month, Russia announced it was boosting production by 250,000 barrels a day, producing far above its quota set in late 2016, when the Organization of Petroleum Exporting Countries and oil-producing countries outside the group agreed to cut output by 1.8 million barrels a day to shore up collapsing oil prices. 

Hosseini stressed that Iran’s strategies with the EU and countries with high oil demand like Japan can determine its future status in the market. 


Iran US sanctions US EU Conflict oil sector