Oil price

Hamid Hosseini, spokesperson for the Union of Petroleum Products Exporters, said that despite U.S. sanctions and market pressures, Iran has successfully maintained its exports and is now positioned to expand them once new Chinese import licenses are issued.

Iran’s Oil Minister Mohsen Paknejad says the country has been planning for a potential scenario in which the United Nations sanctions are re-imposed on the country as part of efforts by European powers to force Tehran to change its nuclear policy.

Iran has maintained its position as the second-largest oil refiner in the Organization of the Petroleum Exporting Countries (OPEC), a sign that the country is using the best of its petroleum industry resources despite US sanctions targeting the sector.

As regional tensions escalate amid the Israeli regime’s brutal aggression against the Islamic Republic, the possibility of the closure of Strait of Hormuz is a possibility, according to experts.