Iran looking for options on oil sales amid US sanctions: reports

Iran looking for options on oil sales amid US sanctions: reports
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Iran is reportedly attempting to fight back against U.S. sanctions on its oil sales by trying to prevent Saudi Arabia from pumping more barrels.

Kazem Gharibabadi, an Iranian ambassador, told OPEC Secretary-General Mohammad Barkindo that “no country is allowed to take over the share of other members for production and exports of oil,” Reuters reported.


President TrumpDonald John TrumpAverage tax refunds down double-digits, IRS data shows White House warns Maduro as Venezuela orders partial closure of border with Colombia Trump administration directs 1,000 more troops to Mexican border MORE earlier this year announced the U.S. is reimposing sanctions on Iran that will include Iranian oil sales.

Saudi Arabia’s government said last month that it has the capacity to increase oil production. Trump has claimed the nation agreed to increase output by as much as 2 million barrels per day to make up for the loss of Iran’s capacity as the United States starts enforcing sanctions.

Gharibabadi on Sunday reportedly said OPEC “should strongly support its members at this stage and stop the plots of countries trying to politicize this organization.”

Additionally, Iranian Vice President Eshaq Jahangiri reportedly said that Tehran is seeking ways to sell oil in light of the U.S. sanctions.

“We are hopeful that the European countries can meet their commitments but even if they cannot, we are seeking solutions to sell our oil and transfer its revenues,” Jahangiri said, according to Reuters.

The first set of U.S. sanctions against Iran were reimposed earlier this month as part of Trump's withdrawal from the Obama-era nuclear deal with Tehran. The more substantial sanctions, including ones on oil sales, will be reimposed in November.