Page 7 - MEOG Week 17 2021
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MEOG PERFORMANCE MEOG
Iran needs “three months” to return
exports to pre-sanctions levels
IRAN IRAN would need at least three months to flow remain in force, there is a widely held view on
back its crude in the global oil market to where it the oil markets that Iran perceives a lack of
was under the 2015 nuclear deal, former oil min- resolve from Biden administration officials to
ister Rostam Ghasemi said on April 21. implement the sanctions and is exploiting the
“The issue of oil is a complicated one,” Gha- apparent situation to persuade oil buyers, par-
semi, who is involved in Iran’s current oil sales, ticularly China, to take more of its crude in sanc-
said on state television, as reported by S&P tions-busting transactions.
Global Platts. Reuters reported on April 22 that two assess-
“It will not be possible in one day. It will defi- ments showed Iranian crude oil exports remain
nitely take its time to return to our production. at elevated levels so far this month compared to
Though the oil ministry has this capability to last year.
quickly return to the production. But at least it “Exports have continued at these elevated
takes a three-month period, at least, for us to levels longer than we expected,” Petro-Logistics
return to our exports.” CEO Daniel Gerber was quoted as saying, add-
Iran remains engaged in nuclear deal nego- ing: “And with constructive talks occurring in
tiations in Vienna that, if successful, would see Vienna, we may never see a return to the 2020
the US remove sanctions designed to force down lows.”
Iranian oil exports to as close to zero as possible. The oil industry is closely watching the level
However, even though these sanctions, intro- of Iran’s exports, which would impact the bal-
duced by former US president Donald Trump, ance on the world market if they rose rapidly.
Week 17 28•April•2021 www. NEWSBASE .com P7
