Iran insists on exporting at least 1.5 million barrels per day (bpd) of oil, tri...
LONDON/BRUSSELS - Iran insists on exporting at least 1.5 million barrels per day of oil, triple May’s expected levels under U.S. sanctions, as a condition for staying in an international nuclear deal, sources with knowledge of Iran-EU talks said.
In an attempt to reduce Iran’s crude exports to zero, Washington ended at the beginning of May waivers that had allowed the top buyers of Iranian oil to continue their imports for six months. Khamenei did not specify which minimum level of oil sales Iran would accept to stick with the deal, or keep the Strait open.
Zarif also said during the same visit to New York in April that Iran could only sell 500,000 to 700,000 bpd of oil.Iran’s Deputy Foreign Minister Abbas Araqchi said last week that for Tehran to stay in the nuclear deal, Iranian oil sales should reach their pre-sanctions level or at least “start the process of returning” to such a level.
EU officials also estimate Iran needs to sell 1.5 million bpd to keep its economy afloat. A drop below 1 million bpd could bring hardship and economic crisis. China - Iran’s largest oil customer with imports of 475,000 bpd in the first quarter of this year - has also stopped buying from Iran after Washington chose not to renew sanctions waivers.
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