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Iran to sell its oil without problems for at least 1 year – expert (Exclusive)

Oil&Gas Materials 15 November 2018 20:53 (UTC +04:00)

Baku, Azerbaijan, Nov. 15

By Elnur Baghishov - Trend:

A six month-solution has been found for Iran’s selling of its oil, so the country can export 1 million barrels of oil per day, Meysam Mousavi, Iranian economy expert and member of the scientific commission of the Institute of Social Studies and Research of the University of Tehran, said in an interview with Trend.

He said that Iran’s oil reserves are estimated at over $100 billion.

He noted that no problems will arise for at least 1 year regarding Iranian oil sales and revenues.

Given Iran’s oil reserves for one year, even if the US makes Iran’s oil exports become lower than 500,000 barrels after six months, there will be still no problems for Iran in selling its oil and earning revenues for a year, he added.

“After six months, the US won’t succeed in exerting pressure on Iran’s trade partners such as India, China and the EU, because each country is following its own interests,” he noted. “China and India prefer to buy Iranian oil, because the Iranian oil is suitable for their refineries and is cheaper than the oil from other countries. Therefore, probably, US President Donald Trump won’t be able to reach his goal regarding the sale of Iranian oil after six months as well.”

No doubt that Iran’s economy will also face a difficult situation, Mousavi said. A number of problems will arise, oil exports will decline and currency revenues will decrease, he noted. However, there are various ways to dodge the US sanctions and sell Iranian oil, he said.

If the oil sale on the stock exchange continues, the oil export problem will be resolved, he noted.

He added that the replacement of a part of the oil sales revenues with products is also on the agenda.

The Central Bank of Iran may take steps to simplify transactions by using the specific financial mechanism provided by the EU, he said.

The Central Bank of Iran may also take steps for foreign currency to enter the country by helping the private sector, he added.

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