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Iran seeks private oil exports to help defeat US sanctions

DUBAI (Reuters) – Iran will allow private companies to export crude, part of a strategy to counter US sanctions, and is urging OPEC members, including Saudi Arabia's regional rival, not to break Production agreements, state media and officials said Sunday.

Iranian Vice President Eshaq Jahangiri speaks during a press conference after a meeting with the great Iraqi Shiite cleric, Grand Ayatollah Ali al-Sistani in Najaf, south of Baghdad, on February 18, 2015. REUTERS / Alaa Al-Marjani

Iran is looking for ways to continue exporting oil, as well as other measures to counter sanctions, after the United States told its allies to reduce all Iranian oil imports from November.

"Iranian crude oil will be offered on the stock market and the private sector can export it transparently," said the first vice president, Eshaq Jahangiri, during an economic event in Tehran broadcast live on state television.

"We want to defeat the efforts of the United States … to stop Iran's oil exports," he said.

"Oil is already being offered in the stock market, about 60,000 barrels per day, but that has only been for exports of petroleum products," Jahangiri said. Iran has an oil and petrochemical stock market as part of its mercantile exchange.

Meanwhile, Iranian Oil Minister Bijan Zanganeh sent a letter to OPEC asking its members to adhere to the group's agreement reached last month to collectively increase production and "abstain from any unilateral measure" that could undermine the unit of the producer group.

Referring to reports that Saudi Arabia can increase its oil exports to replace Iranian oil in world markets, Jahangiri said: "Anyone who tries to take Iran's oil market (part) would be committing a great betrayal against Iran and will one day pay for "

The leader of Saudi Arabia promised US President Donald Trump that he can increase oil production if necessary and that the country has 2 million barrels per day of additional capacity, said the White House Saturday.

The Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies on June 23 to increase production from July, with Saudi Arabia promising an increase in "measurable" supply, but without giving specific figures .

"Any increase in the production of any member country beyond the commitments stipulated in the OPEC decisions … would constitute a violation of the agreement," Zanganeh wrote in his letter, seen by Reuters and also reported by the media. state on Sunday.

Iran had been pushing hard for oil producers to maintain stable production as US sanctions are expected. UU Affect your exports.

But Saudi Arabia, OPEC's largest producer, wants to increase production to meet calls from Trump and major consumers such as India and China to help cool oil prices and avoid shortages, according to Saudi officials, including Energy Minister Khalid al-Falih.

Reports by the newsroom of Dubai; Edition of Robin Pomeroy and Jane Merriman


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