Economy
2023-September-18 12:10Oil Minister: Sanctions on Iran's Energy Sector Nullified

TEHRAN (FNA)- Iran’s Oil Minister Javad Owji underlined that sanctions imposed by the US and its European allies on the country’s oil and gas sector are gradually losing their effectiveness.
He made the remarks during a visit to the 17th IranPlast International Exhibition in Tehran on Sunday.
Owji praised Iran's experts for facilitating the expansion of the country's energy industry from refineries to petrochemicals on a global scale.
Iran's oil minister, meantime, said that there was significant interest shown by foreign companies in IranPlast which is considered the largest exhibition of the plastic industry in West Asia.
"The IranPlast exhibition contributes to discussions on entering the value chain, and we see over 230 foreign companies participating in this exhibition," Owji stressed.
“In this government, we intend to primarily enter the value chain through the private sector and prevent the sale of raw materials,” he added.
Owji also highlighted the exhibition’s role as a valuable platform for the provision of technical and engineering services, fostering collaboration within the petrochemical industry.
In relevant remarks earlier this month, Iranian Foreign Ministry Spokesman Nasser Kana'ani underscored his country's insistence on neutralize the US sanctions through dialogue and diplomacy, but meanwhile, underlined that Tehran doesn't wait for permission of Washington or revival of the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), to trade with other countries or sell its oil.
The spokesperson told reporters that Tehran remains committed to diplomatic path, but won’t pin its hope on the result of the negotiations with world powers aimed at salvaging the 2015 agreement or the US administration’s decision over Iran’s trade relations with other nations.
"Iran will resolutely pursue the process of neutralizing the sanctions but will not wait for the outcome of the talks on saving the 2015 accord or the US administration’s stance on the Islamic Republic’s commercial exchanges with other countries," the top diplomat stressed.
Kana'ani further emphasized that his country has managed to export our oil and maintain its position in spite of the US sanctions, and has proved that it won’t be restricted by embargoes.
He stressed that numerous governments seek to develop their relations and expand cooperation with Iran, specifically in oil sector.
Consultants and companies that track tanker shipments have recently confirmed that Iran's oil output and exports rose in August despite US sanctions.
Analysts say the higher exports appear to be the result of Iran’s success in evading US sanctions.
SVB International, a consultant, estimates Iran’s oil production increased in August to 3.15 million barrels per day (bpd), the highest since 2018, with crude oil and condensate exports at just under 2 million bpd.
“Iran is on the path to recover its pre-sanctions oil production,” SVB’s Sara Vakhshouri declared.
Three other trackers contacted by Reuters had similar estimates.
In quitting the 2015 nuclear deal, former President Donald Trump restored sanctions on Iran as part of what he called the “maximum pressure” campaign against the country. Those sanctions are being enforced to this day by the Joe Biden administration, even though it has repeatedly acknowledged that the policy has been a mistake and a failure.
Iranian officials say US attempts to disturb Tehran's trade through sanctions have failed. They state Washington has been defeated in the maximum pressure policy against their country.