Publishe Date: 10:38 PM - 9/30/2012 | Print

Iran crude oil exports go on as usual: Iran OPEC governor

Economy - Iran’s OPEC governor Mohammad-Ali Khatibi has reiterated that the country’s crude oil exports have not seen any change despite tight Western embargoes on the Islamic Republic’s oil sector.

“The oil exports process is similar to previous months and the exports are carried out as done in the past,” Khatibi said on Sunday.

Noting that the oil prices could not be forecasted, he added, “The oil price fluctuations depend on a variety of factors. We cannot say for sure that a specific factor would drive up or down the prices.”

Khatibi, who is also serving as the director for international affairs at the National Iranian Oil Company (NIOC), stated that “economic, political, psychological and geopolitical” factors sway the crude prices.

“We should take into account all factors. If the resultant of all these factors pushes the prices up, the oil prices would rise. In case the resultant is on the decline, the oil prices would fall,” he said.

Under pressure from the United States, the European Union (EU) foreign ministers approved new sanctions against Iran's oil and financial sectors last January.

The sanctions, which prevent the EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1.

On August 1, the US Congress approved more illegal embargoes against Tehran, which seek to punish banks, insurance companies, and shippers that help Tehran sell its oil.

On Sept 17, Iran’s Oil Minister Rostam Qasemi said the country’s oil industry is the main force against foreign sanctions which has defeated enemies’ efforts to isolate Iran in the world.

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