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Iran will use every means possible to export its oil

Iranian Oil Minister Bijan Zanganeh talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 27, 2016 [Ramzi Boudina / Reuters]
Iranian Oil Minister Bijan Zanganeh talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria 27 September 2016 [Ramzi Boudina / Reuters]

Iran will not succumb to US pressure and will use every possible way to export its oil, Iranian Oil Ministry’s website SHANA quoted Oil Minister Bijan Zanganeh as saying on Sunday.

Iran’s crude oil exports were reduced by more than 80% when the United States re-imposed sanctions on the country last November after President Donald Trump pulled out of Iran’s 2015 nuclear deal with world powers, reports Reuters.

Zanganeh said:

We will use every possible way to export our oil and we will not succumb to America’s pressure because exporting oil is Iran’s legitimate right

In response, Iran has gradually scaled back its commitments to the 2015 nuclear deal, under which Tehran accepted to curb its nuclear activities in return for lifting most international sanctions.

The increasing US pressure on Iran has scared away foreign investors from doing business in the country.

Last year, China’s National Petroleum Corp (CNPC) replaced French oil company Total as the operator of Phase 11 project at South Pars gas field after the French company ended its participation rather than violate US sanctions.

But late last year, CNPC suspended investment in the field in response to US pressure.

“China’s CNPC has totally pulled out of the South Pars Phase 11 development and Iran’s Petropars company will carry out the job,” SHANA quoted Zanganeh as saying.

Read: China pulls out of Iranian gas field development project

Iran has the world’s second-largest reserves of natural gas, but it has not yet become a major exporter because of international sanctions imposed on the country for decades.

SHANA also quoted Zanganeh saying that Iran wanted to improve ties with Gulf Arab countries.

“We want to be friends with all regional countries … they must not regard us as their enemy … Our mutual enemy is outside the Middle East.”

Iran and Saudi Arabia have repeatedly clashed at meetings of the Organisation of Petroleum Exporting Countries over oil output policies. Tensions between the two countries flared after Saudi Arabia blamed Iran for an attack on Saudi oil facilities on September 14., a charge Tehran denies.

“We have no dispute with Saudi Arabia … I have no problem to meet with Saudi Arabia’s oil minister,” Zanganeh said.

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