TEHRAN – Iran’s Petroleum Minister Mohsen Paknejad said on Wednesday that crude exports are continuing through established channels after Washington broke a 60-day sanctions waiver agreed under the Islamabad MoU.
Paknejad said that from the moment the temporary oil sanctions exemption took effect under Article 10 of the memorandum of understanding, Iran chose to preserve the mechanisms it had used for years to bypass, counter and neutralize restrictions on oil trade. “Time proved, after 15 days, that the enemy, true to its record, violated this clause,” he said.
He said that during the period when the naval blockade was lifted, Iran moved a significant volume of crude beyond the blockade line. “Now the mechanisms are such that, as before, we are able to sell oil,” Paknejad added, confirming that sales continue within the previous frameworks.
Over 80nn Barrels of Oil Exported
According to a report by TankerTrackers, Iran exported more than 80 million barrels of crude oil and petroleum products during the 26 days following the signing of the Islamabad Memorandum of Understanding between Iran and the United States.
The report estimates the current value of these exports at more than $6 billion, based on prevailing market prices.
TankerTrackers also noted that around 30 million barrels of Iranian crude oil are currently awaiting export.
The report further states that if any restrictions are imposed on Iran’s oil production, the country has access to approximately 60 million barrels of floating storage capacity within the surrounding maritime area. This capacity could serve as a temporary solution for managing oil supply.
The U.S. Treasury revoked the license allowing Iranian oil and petrochemical exports earlier this month, a move Iran’s foreign ministry has described as one of several American violations to the ceasefire MoU. Tehran has said it will only honor the agreement on a reciprocal basis.