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Iran claims that the U.S. oil and gas sanctions against Iran failed.

Iran claims that the U.S. oil and gas sanctions against Iran failed.

△ Iran's Fordo nuclear facility (Image source: Iranian media)

Iranian Vice President Eshaq Jahangiri said on the 24th that the U.S. sanctions on Iran’s oil and gas industry have not achieved their purpose.

According to the Islamic Republic of Iran News Agency, Jahangiri said at the 25th International Oil and Gas, Refining and Petrochemical Exhibition in Tehran that in the past few years, U.S. sanctions have reduced Iran’s foreign exchange earnings by more than $100 billion, but Iran has successfully made U.S. oil and gas sanctions against Iran “ineffective”.

He said that in recent months, Iran’s oil and gas exploration, production and export have been at a high level. According to the Persian calendar, Iran’s oil exports reached the highest level in the past year last month (December 21, 2020 to January 19, this year).

In addition, Iran’s R&D investment in the oil and gas field has been effective, and a few leading companies in the world have the ability to manufacture some equipment and some technology, which Iran will soon be able to manufacture and master.

In May 2018, the Trump administration unilaterally withdrew from the comprehensive agreement on the Iranian nuclear issue, and resumed and added a series of sanctions against Iran.

Since May 2019, the United States has increased its “extreme pressure” on Iran and imposed a “zero exemption” blockade on Iranian oil exports.

According to Iran News TV, Iran’s oil minister Bijan Zangane said on the 22nd that the Trump administration’s attempt to completely block Iran’s oil exports has failed.

However, given that the “economic war” of the United States against Iran is not over, the specific figures of Iranian oil exports cannot be disclosed at present.

If the new U.S. government led by Joseph Biden lifts sanctions, Iran can quickly increase crude oil exports to more than 3 million barrels a day, and Iran’s oil production can reach an average of 8.5 million barrels a day in the next few years.

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