US not seeking further reductions of oil purchases from Iran – Obama

The Obama administration is not seeking further reductions of Iranian oil purchases.

WASHINGTON (Sputnik) — Washington will not seek future reductions of oil purchases from Iran and is committed to keep Tehran’s oil export at the levels of 2013, US President Barack Obama stated on Wednesday.

“In the Joint Plan of Action, the interim arrangement to address concerns with Iran’s nuclear program reached between the P5+1, European Union and Iran in November 2013, the United States committed to allow oil purchases from Iran to continue at the levels the prevailed at that time. Accordingly, my Administration is not seeking further reductions of Iranian oil purchases,” Obama said.

The UN Security Council alongside some countries has imposed several rounds of sanctions against Iran over fears it could develop nuclear weapons under the guise of a peaceful program.

The UN sanctions prohibit nuclear cooperation and arms trade with Iran, as well as international investments into the Islamic republic’s gas, oil and pharmaceutical industries.
In July, Iran and the P5+1 group, comprising the United States, the United Kingdom, Russia, France, China, and Germany, reached an agreement to guarantee the lifting of Western economic sanctions in exchange for the peaceful nature of Iranian nuclear program.
World oil companies are currently competing for the rich Iran’s oil and gas market after the international negotiators reached the agreement.
By Sputnik News