Jun 29, 2022 05:30 UTC
  • Oppressive sanctions on Iran to blame for global energy crisis: Minister

Iranian Oil Minister Javad Owji says an “oppressive regime of sanctions” imposed by the United States on Iran will to blame for a worsening of the global energy crisis in the near future.

According to Press TV, Owji said on Twitter on Tuesday that the current chaotic situation of energy markets around the world could put the global energy security at risk and will result in “worrying consequences” for energy importing nations over the upcoming winter months.

“Undoubtedly, one of the main reasons to blame for this situation is the oppressive sanctions on Iran as the largest global holder of petroleum resources,” read part of Owji’s tweet which was posted in Persian.

The post came a day after an official in the French presidency said that Paris wants a return of Iran’s oil to the international markets to help ease prices that have spiked in recent months because of the war between Russia and Ukraine.

It also comes as Iran and world powers, including the United States, are to resume efforts to revive a 2015 deal on Iran's nuclear program four years after Washington pulled out of the agreement and imposed sanctions on Tehran.

Global oil prices rose for a third day on Tuesday with Brent crude futures climbing $2.90, or 2.5%, to $116.28 a barrel.

The rise came after leaders of the G7 grouping of advanced economies vowed in a summit in Germany that they will increase pressure on Russia to limit its ability to export oil.

Experts say a return of Iranian oil to the markets will boost the current global supply by at least 1 million barrels per day.