Iran vows to resist US oil export ban

Iranian Oil Minister (Bijan Zanganeh) said that the US oil ban will not block the country's oil sales, but new signs indicate that Tehran's oil exports are facing collapse.

The Donald Trump government will lift the exemption for Iranian oil purchasers on Thursday, which is equivalent to a total ban on Iran's export of crude oil. But Zanga said in an oil and gas conference in Tehran, "Americans want to squeeze Iran's oil exports to zero, but that is just an illusion."

Zangane is reiterating the recent position of Iranian President Hassan Rouhani and Supreme Leader Ali Khamenei that Iran will be able to boycott the oil ban.

However, there are signs that Iran will face difficulties in finding oil buyers. People who have heard briefings from Iranian officials said that internal estimates indicate that the country’s oil exports have fallen below 1 million barrels per day.

SaraVakhshouri, a former official of the Iranian National Oil Company (Iranian Oil Company), said Iranian oil buyers, including China, did not commit to buying oil this month. China usually imports about 400,000 barrels of oil a day from Tehran. Some oil can still be smuggled or transferred to overseas storage. Vakhshouri said that in the coming months, China and India may also receive some Iranian oil to pay for their work in Iranian ports and oil fields, provided that they are approved by the United States.