Turkey to Defy U.S. and Continue Bilateral Trade with Iran

Irving Hamilton
August 19, 2018

However, oil has been trending higher than this for much of the year so far and supply concerns resulting from the U.S. sanctions against Iran and worry about spare production capacity among OPEC members are likely to keep it higher than $65 until the end of the year at least.

In a meeting with OPEC Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics.

Kazem Gharibabadi, Iran's representative to global organizations based in Vienna, was quoted by media as saying that the OPEC should do more to "fully protect" its member states against countries that he said were trying to politicize the group.

He said U.S. sanctions should not become a tool at the hands of other OPEC member states to assume Iran's share of the market.

At the same time, Indian crude oil imports are set to rise: last financial year, the country imported 220.43 million tons of crude, with the bill coming in at $87.7 billion This financial year, imports are estimated to reach 227 million tons while global oil benchmarks and the United States dollar rise higher and the rupee falls.

In May, U.S. President Donald Trump pulled out of an global nuclear deal with Iran and announced sanctions against the OPEC member.

The reimposed sanctions will hit Iran's gold and precious metals trade and its automotive industry. Energy ministers of Saudi Arabia and Russian Federation accordingly said in May they were prepared to increase their supplies to calm consumer worries about supply once Iran sanctions take effect.

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This, however, drew the immediate reaction of the Islamic Republic.

Mr Gharibabadi said: "No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any licence for such actions".

He further emphasized that OPEC needed to remain an independent organization immune to political pressures.

"We will do our best to prevent Tehran-Ankara relations from being affected by the USA sanctions against Iran and our country doesn't have to act in compliance with US' unilateral decisions on Iran".

Iran's vice president said on Sunday that the government was seeking solutions to sell oil and transfer its revenues despite fresh US sanctions on Iranian energy and banking sectors.

In November, Washington will launch its new wave of sanctions targeting Iran's oil exports, energy sectors and its financial sector.

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