A Review of the Nigerian Energy Industry

Iran says it is selling the oil it needs to, despite U.S. pressure

President Hassan Rouhani of Iran

07 November 2018, News Wires — Iran said on Tuesday it had so far been able to sell as much oil as it needs despite U.S. pressure, but it urged European countries opposed to U.S. sanctions to do more to shield Iran, as Russia and Turkey also voiced their objections.

The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action to stop what Washington called its “outlaw” policies – steps that Tehran called economic warfare and vowed to defy.

The measures are part of a wider effort by U.S. President Donald Trump to curb Tehran’s missile and nuclear programmes and diminish the Islamic Republic’s influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.

Trump is targeting Iran’s main source of revenue – its oil exports – as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off-limits to foreign banks, on pain of losing access to the U.S. financial system.

  • Reuters
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