All tagged Bijan Zanganeh

Iran Accuses US of Using Oil Sanctions to Gain Market Clout

◢ Iran's oil minister has accused the United States of using sanctions to "shock" the global oil supply and gain market clout for its booming shale oil production. "I think one of the reasons for sanctions against Iran and Venezuela is opening up the market for American oil sales," Oil Minister Bijan Namdar Zanganeh said in an interview with state TV.

Iran Says Neighbors Exaggerating Oil Capacity

◢ Iranian Oil Minister Bijan Namdar Zanganeh on Wednesday claimed two neighboring countries were "exaggerating" their production capacity to reassure markets after the US ended sanction waivers for buyers of Iranian crude. Zanganeh also said Washington's stated aim to bring Iran's oil exports "to zero" was "an illusion.”

Iran to Cap Petrol Sales to Curb Smuggling

◢ 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. 

Impeached Economy Minister to Head Iran Oil Firm

◢ 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 Sells Oil on Exchange in Bid to Counter Sanctions

◢ 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 Says Saudi Claims To Replace Its Oil 'Unbelievable'

◢ 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.