Iranian Oil Minister Bijan Zangania says Tehran is committed to establishing its oil industry despite US sanctions.
According to foreign news agency Reuters, in a televised speech, Bijan Zangania said, "We will not bow down under any circumstances. We have to increase our capacity so that we can enter the market with full force when needed." Gain your market share.
The Iranian oil minister made the remarks before signing a 29 294 million agreement between the National Iranian Oil Company and the Iranian company Persia Oil and Gas.
The agreement was signed with Iraq's Majnoon oil field to establish the Yaran oil field.
Also read: Oil trade with Venezuela: US imposes new sanctions on Iran
Iran's oil news agency Shana said in a report that the agreement was aimed at producing 39.5 million barrels of oil from the Yaran oil field in the southwestern province of Khuzestan.
Iran's daily oil exports have risen from an estimated 100,000 to 200,000 barrels a day since the United States withdrew from the 2015 nuclear deal in 2018 and renewed sanctions, up from 2.5 million barrels a day in April 2018. Many times less than the export.
Iran's daily crude oil production has almost halved to 2 million barrels.
It should be noted that in June this year, the United States had banned five Iranian ships carrying oil to Venezuela.
Mike Pompeo told a news conference at the State Department that the ships provided about 1.5 million barrels of Iranian oil and petroleum products and warned against doing business with Venezuelan President Nicolas Maduro, whom the United States wants to remove from power.
Earlier in March, the United States imposed further economic sanctions on Iran and announced a ban on five nuclear scientists.
Mike Pompeo told reporters that the United States would continue to press Tehran to end its oil export potential.
He said the United States was blacklisting nine Iranians in South Africa, Hong Kong and China, as well as three Iranians trading in Iranian petrochemicals.
