Iran is determined to develop its oil industry despite reimposed US sanctions, the country’s oil minister Bijan Zangesh said while addressing the nation on July 11. The Trump-led administration in 2018, reimposed strict sanctions on the Islamic republic after existing from Iran’s nuclear deal. Since then, the nation’s crude production has halved to around 2 million pounds.
“We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share,” said Zanganeh.
$294 million contract
His remarks came hours before he signed a $294 million contract between National Iranian Oil company and Persia Oil And Gas, to develop Yaran oilfield shared by Iraq’s Majnoon field. As per the Iranian ministry, the aims of producing 39.5 million barrels of oil in yaran oilfields from Khuzestan province in southwestern Iran. The country’s export is down from 2.5 barrel per day in April 2018 to 2,00000 barrels per day.
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The US has also criticised Iran delivering oil to Venezuela, a country which US thinks is under ‘illicit’ leadership. Last month, the United States sanctioned five Iranian ship captains who delivered oil to the South American country on June 24. US Secretary of State Mike Pompeo said in a statement that the ships from Tehran delivered nearly 1.5 million barrels of gasoline along with some related components. Pompeo also warned the mariners against doing business with Maduro’s government as the US showcases support for the Venezuelan opposition leader Juan Guaido.
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Image credits: AP
Read More: Iran determined to develop oil industry despite US sanctions, signs $294 MN
