EU & IRAN SANCTIONS

SHANA - Climate Action and Energy Commissioner Miguel Arias Cañete met Iranian Minister of Petroleum Bijan Zangeneh in his Tehran office on Saturday in a bid to protect Iran's oil trade following US withdrawal from the nuclear deal.

The meeting was aimed at presentation of plans for continuing oil and gas purchases and protect European companies despite renewed US sanctions on Iran by the EU energy commissioner.

Addressing a press briefing following the meeting, Iranian Minister of Petroleum Bijan Zangeneh said the EU commissioner conveyed EU message to Tehran regarding protection of the Joint Comprehensive Plan of Action (JCPOA)'s implementation, adding negotiation would be continued between Iranian Ministry of Petroleum executives and EU energy commissioner's representatives on oil, gas and petrochemical topics.

"The EU Energy Commissioner voiced the political will of the Union in Sofia, Bulgaria, [to protect JCPOA]," he added.

The official said: "Based on a statement issued by the EU, representatives from the two sides will enter into detailed discussion in this regard."

Asked whether the US pullout of the JCPOA would force an end to the OPEC cut deal by the end of the 2018, Zangeneh said, "Any decision in the Organization needs consensus [of the members]."

"I believe if the EU helps us and honors its statements, the level of Iran's oil exports will remain intact and this would not be a reason for changing a decision made in the past."

Responding to a question on what guarantees existed that India and China would continue oil purchase from Iran, the official said: "We have talked to them and received no negative feedback from them."

Mr. Zangeneh had previously announced Iran had targeted an oil output of 4.2 million barrels per day. Asked whether the country would pursue such output despite the restrictions, he said: "That would be difficult but we would not put that aside. It might take more time, but we will not do away with it."

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Earlier:

2018, May, 18, 09:05:00 NO IRAN SANCTIONS REUTERS - European Union leaders united behind the 2015 accord, and Brussels announced it would launch a legal process banning EU-based firms from complying with the sanctions that President Donald Trump has reimposed on Iran.

2018, May, 14, 11:35:00 GLOBAL IRAN SANCTIONS PLATTS - Trump's plan to leave the Iran nuclear deal and reimpose sanctions could have major impacts for global oil, natural gas, metals and petrochemical markets.

2018, May, 14, 11:25:00 IRAN IMPLEMENTS COMMITMENTS IAEA - As of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran.

2018, May, 10, 13:25:00 U.S. - IRAN SANCTIONS ALWAYS U.S. DT - President Donald J. Trump announced his decision to cease the United States’ participation in the JCPOA and begin reimposing U.S. nuclear-related sanctions on the Iranian regime. Treasury’s Office of Foreign Assets Control (OFAC) is taking immediate action to implement the President’s decision. Sanctions will be reimposed subject to certain 90 day and 180 day wind-down periods. At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect.

2018, March, 7, 14:35:00 IRAN IS IMPLEMENTING IAEA - Iran is implementing its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA), IAEA Director General Yukiya Amano told the Agency’s 35-member Board of Governors on Monday.

2018, February, 27, 13:35:00 U.S. SANCTIONS FOR IRAN PLATTS - The Trump administration will not certify the Iran nuclear deal, US Vice President Mike Pence said Thursday, increasing the likelihood of re-imposition of US sanctions on international sales of Iranian crude.

2018, January, 17, 23:30:00 STABLE IRANIAN OIL PLATTS - Trading sources from Asia, which remains the premier destination of Iranian oil, told that even if US sanctions returned, crude oil inflows from Iran would be stable.