All tagged Bijan Zanganeh
◢ The OPEC+ group could easily extend its agreement on oil-production cuts, according to Iranian Oil Minister Bijan Namdar Zanganeh. Iran is exempt from oil-output cuts following U.S. President Donald Trump’s decision to re-impose sanctions on the country last year.
◢ Iran is reintroducing fuel cards that will cap petrol purchases in a bid to combat rampant smuggling, state media reported on Tuesday. Smuggling has boomed in recent months as the rial has plummeted against the dollar in the face of the reimposition of crippling US sanctions following Washington's withdrawal from a landmark 2015 nuclear deal between major powers and Tehran.
◢ Iran's former economy minister, impeached less than three months ago, will head the national oil company as it works to evade renewed US sanctions, local media reported Monday. Masoud Karbasian, 67, was impeached by parliament on August 26 after only a year in the job, over his handling of the country's economic downturn.
◢ Iran sold oil to private buyers through its energy exchange for the first time on Sunday, as part of its efforts to counter the imminent return of US sanctions. Only 280,000 barrels were sold out of one million offered, and went for USD 74.85 per barrel, more than USD 4 below the initial asking price.
◢ Iran's oil minister said on Monday that the market will never believe "exaggerated" claims by Saudi Arabia that it can replace Iranian oil shipments lost due to renewed US sanctions. "Such exaggerations might please Mr Trump, but the market will never believe them," Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.