Dec 03, 2019 16:50 UTC
  • Iran is still selling oil despite illegal US sanctions; global traders agree

International energy news providers say Iran’s announcement that the country is still selling its oil despite illegal US sanctions is not without foundation.

According to Press TV, since September, the United States has been working to bring Iran’s oil exports down to zero as part of Washington’s “maximum pressure” on Tehran.

But Iran’s Vice President Es’haq Jahangiri asserted on Monday that the policy has failed because the Islamic Republic continues to send its oil to the market.

“Despite America’s pressure and its imposed sanctions on our oil exports, we still continue to sell our oil by using other means when even friendly countries have stopped purchasing our crude fearing America’s penalties,” Jahangiri was quoted as saying.

Iran's oil industry, including its oil, gas and petrochemical sectors, is on the frontline of the fight against the US which believes choking off the main source of income of the Iranians would force the country to negotiate a new nuclear deal.

Tankertrackers: Iran selling 700,000 bpd 

Digital marine vessel tracking agency Tankertrackers.com agreed, saying Iran’s claims that it is managing to sell significant levels of crude are not without foundation.

According to Berlin-based business publication bne IntelliNews, Iran has very much moved its oil sales into the grey market to avoid US sanctions, meaning analysts partly rely on satellite-technology tracking firms to observe the ebb and flow of tankers leaving Iran’s ports and watch their movements.

“Lately, Iran’s two main destinations for its crude oil have been China and Syria. In addition to that, refined products ‘bounce’ via certain trading hubs as they cannot be chemically traced,” Samir Madani, CEO of Tankertrackers.com, told the publication.

“All in all, crude plus products are being shipped at a rate of around 700,000 barrels per day,” he said.

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