28 Mar 2024
Thursday 4 October 2018 - 23:36
Story Code : 322104

Iran says oil price rally offsetting US sanctions impact

Press TV - A senior Iranian official says the recent rise in oil prices has offset the impact of US sanctions on Irans oil exports, with the countrys oil revenues up 16 percent in the past six months.

US President Donald Trump has pledged to squeeze Irans oil exports down to a trickle, pushing oil prices to levels not seen since 2014.
Trump thought he could shrinkour countrys oil revenues by imposing sanctions on Irans oil and cutting its exports, but the rise in oil prices did not let that happen,Mohammad Baqer Nobakht, the head of Irans Planning and Budget Organization, said Thursday.
He said the budget for the current fiscal year has been drawn up on the basis of an oil price of $55 a barrel, but the country's sales have averaged$70 a barrel so far.

The government also expected to sell 2.4million barrels per day of oil during the current Iranian calendar year,which started in mid-March, but itexported2.5barrels in reality, he said.

Oil prices remain at four-year highs on rising doubts about the capability of Saudi Arabia and other producers to substitute Irans crude after the US imposes new sanctions on the country on November 4.

Earlier on Wednesday, Iranian First Vice-President Eshaq Jahangiri told a parliamentary session that despite the mischief of the Americans, Irans oil exports have surpassed state budget outlay projections.

Notwithstanding all the pressures that the Americans are creating on the oil issue, Iran has its own oil customers, and the work is going on in a way that no problems will arise, he said.

International benchmark Brent crude was up 38 cents at $85.18 a barrel on Wednesday, after hitting its highest level since November 2004 on Monday at $85.45.

The US is about to impose new sanctions on Iran's oil sector on Nov. 4, with the White House saying Saudi King Salman had promised Trumpthat the kingdom had enough spare capacity to replace Iranian barrels.

However, Irans OPEC Governor Hossein Kazempour Ardabili saysthe US president has apparently been duped by Saudi Arabia.

Iranian Minister of Petroleum Bijan Zangeneh said on Tuesday Iran will go full-throttle to maintain its market share as he blamed Trump for the surge in oil prices.

The US is doing all it can to prevent us from producing and supplying oil to the market, but Iran is producing its crude oil with force, he said.

Mr. Trump has said OPEC is responsible for rising oil prices and has to raise production, but one must say that OPEC is not responsible, but the Trump himself is responsible for the rise, Zangeneh added.
https://theiranproject.com/vdcbg5bfarhb58p.4eur.html
Your Name
Your Email Address