An Iranian man points to an oil production platform at the Soroush oil fields. — An Iranian man points to an oil production platform at the Soroush oil fields in the Persian Gulf, 1,250 km (776 miles) south of the capital Tehran. REUTERS/Raheb Homavandi

U.S. Sanctions Cannot Drop Iran’s Oil Sales to Zero Due to High Demand -TV

September 18, 2018

ANKARA, Sept 18 (Reuters) – An adviser to Iran’s oil minister said on Tuesday that expected U.S. sanctions on Iran’s energy sector could not reduce the country’s oil sale to zero because of high demand levels in the market, state TV reported.

“Considering the high demand and low supply in the market, America’s sanctions cannot drop Iran’s oil sale to zero … Other oil producers cannot replace Iran’s oil,” said Moayyed Hosseini Sadr, an adviser to Oil Minister Bijan Zanganeh. In May, U.S. President Donald Trump pulled the United States out of an international nuclear deal with Iran and Washington reimposed sanctions on Iran in August.

The United States has told countries to stop buying Iranian oil from Nov. 4 or face financial consequences.

(Writing by Parisa Hafezi; editing by Jason Neely)