Iran Finds New Ways to Export Oil Despite Sanctions

By Admin
In a move to find away around sanctions intended to put pressure on its nuclear program, Iran reached agreements with European refiners to sell some o...

 

In a move to find away around sanctions intended to put pressure on its nuclear program, Iran reached agreements with European refiners to sell some of its oil through a private consortium Saturday.

The deal would circumvent the European ban on shipping insurance for tankers carrying Iranian oil, according to the head of the oil products exporters' union. Signed by the Central Bank of Iran, the Oil Ministry and the union, it will account for about 400,000 to 500,000 barrels of oil per day, according to Tehran Times.

Put into effect on July 1, the ban would cut Iran's oil exports by more than half from last year's levels, which would cost billions of dollars a month in revenue.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Drill Less, Recover More

Is Fracking Cemeteries Immoral?

Read more in June's issue of Energy Digital: Energy Turns to SPACE

"There have been discussions with European refiners, and a final agreement has even been reached," said Hassan Khosrojerdi, the exporters' union head, according to Iran's Mehr News Agency. "In accordance with the agreement, it is planned that 20 percent of Iran's oil exports will go through this private consortium... It is likely that because of international restrictions, we will give minor privileges or discounts to some of the buyers of our oil."

After the EU embargo, Iran's oil sales to its top customers including Europe, Asia and Japan have been severely disrupted.

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy