Tags: Commodity Market, Oil Market
Oil

After years of sections, Iran is talking oil exports

 Many sanctions were imposed on Iran and its export of oil during the Trump administration.

Later on, Mike Pompeo, then US Secretary of State canceled the waivers. This was an attempt to increase the pressure on Iran and drive oil exports to near zero.

While the sanctions on Iranian oil were strong and clear, in August 2020 the US seized Iranian ships with petroleum loads that were heading for Venezuela. Several Iranian ships had also arrived in Venezuela in May and June 2020, the reports show. Later on, UK Royal Marines detained an Iranian tanker near Gibraltar in August 2019.

 

What has caused Iran’s comeback to negotiations?

 Now in November 2021, the news shows Iran’s return to oil exports talks. This return to negotiations is a result of the claim Iran made earlier this year. A few months ago, Iran claimed that it was threatened by a pirate attack at sea. Later on, a Wall Street Journal report an Iranian ship being targeted by Israel on their way to Syria.

 The Iranian oil minister has said earlier this year that Iran needs $160 billion in investments in the oil and gas industries, to prevent Iran from becoming a full importer.

 Javad Owji has said in a budget planning meeting on Sunday that Iran is facing a stark choice. Either fund investing $160 in its oil and gas sector or move toward becoming a full importer of fossil fuels. He has also mentioned that this difficult situation is a result of a lack of investments in the previous years.

 

The overall situation in 2021

 The Minister of Oil had a meeting earlier this week, in which he was presenting the ministry to the members of parliament, while also presenting a report on the yearly oil sale, oil exports and condensate, and local sales.

 He has also mentioned that the overall situation is better now than it was a year ago, and good work has been done in this sector by using domestic and foreign power and capacity.

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