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Iran will not comply with ‘illegal’ US sanctions

A general view of the Port of Kharg Island Oil Terminal, in the Persian Gulf on March 12, 2017. Kharg Island Oil Terminal brings Iranian oil to the world market. The oil terminal is the world’s largest open oil terminal, with 95% of Iran’s crude oil exports coming through it. ( Fatemeh Bahrami – Anadolu Agency )
A general view of the Port of Kharg Island Oil Terminal, in the Persian Gulf on March 12, 2017. Kharg Island Oil Terminal brings Iranian oil to the world market. The oil terminal is the world’s largest open oil terminal, with 95% of Iran’s crude oil exports coming through it. ( Fatemeh Bahrami – Anadolu Agency )

Iranian Oil Minister Bijan Zanganeh said today US sanctions against his country were “fully illegal” and Tehran would not comply with them, Reuters reported.

“We believe that we should not comply with the illegal sanctions against Iran,” Zanganeh told a joint news conference in Baghdad with his Iraqi counterpart, Thamer Al-Ghadhban.

Zanganeh also said Iran would not discuss the volume or destination of its oil exports while it remained under US sanctions.

“We have discussed today how to improve cooperation with Iraq on different aspects, especially on oil issues,” Zanganeh said.

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Ghadhban, who also said the discussions had touched on energy issues, added that Iraq had not yet reached an agreement with Iran to develop joint oilfields.

He said a decline in global oil prices had stopped and that he expected them to rise gradually.

The Organisation of the Petroleum Exporting Countries, of which Iran and Iraq are members, and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce oil prices.

The OPEC deal had hung in the balance on concerns that Iran, whose crude exports have been depleted by US sanctions, would receive no exemption and block the agreement.

Ghadhban said any decision relating to future OPEC cuts would depend on monitoring price developments.

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