Number of Iran's Oil Buyers Increases Despite US Sanctions

Published January 6th, 2019 - 09:31 GMT
Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia said despite the U.S. sanctions more oil buyers have approached the country for negotiations. (Shutterstock)
Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia said despite the U.S. sanctions more oil buyers have approached the country for negotiations. (Shutterstock)

“Despite U.S. pressures on Iranian oil market, the number of potential buyers of Iranian oil has significantly increased due to a competitive market, greed and pursuit of more profit.” Zamaninia said.

The official noted that all countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with the waivers’ ceiling.
“China, India, Japan, South Korea and other countries that were granted waivers from America to import Iranian oil are not willing to buy even one barrel more than what is allowed by the U.S.,” he said.

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The United States withdrew from a nuclear deal with Iran last year and snapped sanctions in place to choke Iran’s oil and banking industries, while temporarily allowing eight customers to keep buying crude from the Islamic Republic.

Iran has urged European countries, which are still committed to the nuclear deal, to oppose the sanctions by creating a financial mechanism that facilitates payments of Iranian oil sales.
Zamaninia said the mechanism, known as SPV (Special Purpose Vehicle for trade), would be helpful but could not resolve the problems since U.S. influence will affect any European action.


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