Iran faces no problem in receiving oil payments – official
Baku, Azerbaijan, Nov. 1
By Khalid Kazimov – Trend:
Iranian banking system receives payments for over two million barrels of oil on a daily basis, an official with the country's Oil Ministry said.
Amir Hossein Zamaninia, Iran’s Deputy Oil Minister for International Affairs, has said that the country exports over two million barrels of oil per day and receives the payment through its banking system, IRNA news agency reported.
He said that there are no problems about receiving the payments through the banking system.
The official, however, added that receiving of the payment has not been normalized, so far.
Although the nuclear related sanctions on Iran were lifted following the implementation of the Joint Comprehensive Plan of Action on January 16, Iran still has difficulty establishing banking ties with leading European banks as they are worried about running afoul of US regulations.
Iran plans to increase its exports of oil and condensate to three million barrels per day by next March.
Oil Ministry of Iran earlier announced that the country’s daily oil exports will hit 2.5 million barrels by the end of the current Iranian calendar year (starting March 20).
Oil Ministry also suggests that the country’s condensate export has already reached 500,000 barrels per day (bpd).
The Islamic Republic exported 2 million barrels of crude oil, as well as 500,000 barrels of gas condensate per day over the current year.
Under international sanctions, which extended till early 2016, Iran’s oil exports dropped from 2.3 to 1 million barrels a day.
The strong demand in Iran’s crude in Asia and Europe has enabled it to raise its oil output to just over 3.8 million bpd, still below the 4 million bpd level termed by Tehran as a precondition for discussing output limits with other oil producers.