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Iran ready for possible oil export curbs after Trump election

November 13, 2024 at 4:38 pm

A general view of Isfahan Refinery, one of the largest refineries in Iran and is considered as the first refinery in the country in terms of diversity of petroleum products in Isfahan, Iran on November 08, 2023 [Fatemeh Bahrami – Anadolu Agency]

Iran has made plans to sustain its oil production and export and is ready for possible oil restrictions from a Trump administration in the US, Oil Minister Mohsen Paknejad said today, Reuters reported the Oil Ministry’s news website Shana saying.

In 2018, then-US President Donald Trump withdrew from a 2015 nuclear pact with Iran and re-imposed sanctions which hurt Iran’s oil sector, with production dropping to 2.1 million barrels per day (bpd) during his presidency.

“Required measures have been taken. I will not go into detail but our colleagues within the oil sector have taken measures to deal with the restrictions that will occur and there is no reason to be concerned,” Paknejad said.

In recent years, Iranian oil production has rebounded to around 3.2 million barrels per day according to the Organisation of the Petroleum Exporting Countries, of which Iran is a member.

Iranian oil exports have climbed this year to near multi-year highs of 1.7 million bpd despite US sanctions. Chinese refiners buy most of its supply. Beijing says it doesn’t recognise unilateral US sanctions.

READ: Iran president calls for building foreign relations to strengthen internal affairs