Zanganeh says Iran lost billions in oil exports since US sanctions

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Bijan Zanganeh

Bijan Zanganeh

Ebrahim Raisi

Ebrahim Raisi

IRGC – Islamic Revolutionary Guard Corps

IRGC – Islamic Revolutionary Guard Corps

Iran has lost $120 billion in oil export revenues since the United States withdrew from the 2015 nuclear agreement, outgoing oil minister Bijan Zanganeh told OPEC’s top official on Friday.

Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo who was in Tehran for the inauguration of Ebrahim Raisi (Raeesi) as new president, met with Zanganeh on Friday.

The United States withdrew from the Joint Comprehensive Plan of Action (JCPOA) in May 2018 and imposed partial sanctions on Iran’s oil exports, which were expanded to full sanctions in May 2019.

Zanganeh said that Iran has been deprived of exporting two billion barrels of oil since 2018, which would amount to approximately $120 billion under varying oil prices throughout the three-year period. Iran’s oil revenues in hard currency make up 50 percent or more of its government’s budget. In addition to oil sanctions, the US also imposed sanctions on Iran’s international trade and banking, which also hindered other exports and imports.

Zanganeh praised OPEC as the “sole third world impactful economic body” and said despite competition among its members and political differences it has been able to maintain unity and effectiveness.

Iran was a key founding member of OPEC in 1960, during the reign of Mohammad-Reza Shah Pahlavi.

Source » trackpersia

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