US cannot force Iran oil exports to zero; An expert told ILNA

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News code : ۷۵۵۷۲۹

An expert on energy believes skirting the new U.S sanctions on Iran's oil export is very difficult.

In an interview with ILNA News agency, Gholamhossein Hassantash expressed his view on recent development on energy sector especially regarding sanctions on Iran’s oil exports. He said that end of Iran waivers disturbs the market stability and increases prices to a certain extent. Oil sales will also face more problems.

The Trump administration on Monday told five countries - Japan, South Korea, Turkey, China and India - that they would no longer be exempt from US sanctions if they continued to import oil from Iran after their waivers ended on May 2.

"There is a lot of confusion about the real capacity of the Saudi oil production," he said, referring to Saudi Arabia and added that there is also evidence that Saudi oilfields are facing a problem and cannot produce more oil, however, that it is unlikely that the country could raise more than 200 to 300 thousand barrels of oil production.

"The United Arab Emirates is currently producing as much oil as possible and is very unlikely to produce more oil," Gholamhossein Hassantash continued.

He confirmed that Washington cannot bring down Iran oil import to zero; this claim is a psychological strain and I think Americans with this psychological pressure want to get the Iran's economy through more trouble.

He added that as long as he knows, the major problem of sanctions is the transfer of money and international banking transactions and the country has even problem for getting its money for selling its oil.

Member of Iranian Association for Energy Economics reiterated that the major challenge in the energy sector is that this sector needs a unified ruling body for planning, directing and supervising.

The US has advised Iranian crude oil buyers to stop purchases which were granted under the sanction waivers. Asian nations such as India, South Korea, China and Japan are likely to be the hardest hit.

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