Iran targeting new ‘potential’ oil buyers to counter US sanctions

Iran has identified potential new buyers for its oil according to a senior Iranian energy official, as the Middle Eastern nation contends with sanctions imposed on its oil sector by the US.

Amir Hossein Zamaninia, Iran’s deputy oil minister for trade and international affairs, said that all countries that were granted waivers from the US to continue buying a certain amount of Iranian oil imports are complying with the sanctions.

“China, India, Japan, South Korea and other countries that were granted waivers from America to import Iranian oil are not willing to buy even one barrel more from Iran,” said Zamaninia, according to the Oil Ministry’s news agency SHANA.

However, without giving details, Zamaninia added: “Despite US pressures on Iranian oil market, the number of potential buyers of Iranian oil has significantly increased due to a competitive market, greed and pursuit of more profit.”

The US withdrew from an international nuclear containment deal with Iran last year, imposing sanctions in an attempt to choke Iran’s banking and oil sectors. Under this new strategy, Washington aims to bring Iranian oil exports to zero in order to restrict Tehran’s missile and nuclear programmes.