Iran says France's Total has officially left South Pars deal

Lloyd Doyle
August 22, 2018

Kazem Gharibabadi, an Iranian ambassador, told OPEC Secretary-General Mohammad Barkindo that "no country is allowed to take over the share of other members for production and exports of oil", Reuters reported.

Washington has said Iran's only chance of avoiding the sanctions would be to accept Trump's offer to negotiate a tougher nuclear deal. Netanyahu strongly urged Trump to withdraw from the nuclear deal between Israel's main enemy Iran and world powers, and the USA president did so in May, resulting in the reimposition of sanctions.

Earlier this summer, Mr. Trump ratcheted up pressure on the Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia - the world's largest oil exporter - to boost production. Energy ministers of Saudi Arabia, a U.S. ally, and Russian Federation said in May they were prepared to ease output cuts to calm consumer worries about supply.

Iran's Oil Minister Bijan Zanganeh arrives for an OPEC meeting in Vienna, Austria, June 22, 2018.

Last month, those tankers loaded about 23.8 million barrels of crude oil and condensate destined for China, or about 767,000 barrels per day (bpd).

European signatories to the 2015 nuclear deal have been searching for ways to salvage it despite the US exit and Washington's pressure on its allies to cut purchases of Iranian oil. A new round of sanctions on Iranian oil sales is scheduled to kick in later this year.

Total, which signed the deal in 2017 with an initial investment of $1 billion, confirmed that it had notified the Iranian authorities of its withdrawal from the deal after it failed to obtain a waiver from US sanctions.

The first round of USA sanctions, which included cutting off Iran and any businesses that trade with it from the US financial system, went into effect on August 7. But in May 2018, the French oil giant announced its decision to pull out of the deal with Iran to avoid USA sanctions.

"Europeans and other signatories of the deal have been trying to save the deal. but the process has been slow".

"Even during the Obama Administration the United States put more emphasis on keeping the sanctions that it had not lifted rather than implementing its obligations on the sanctions that it lifted", Zarif said.

"The European have so far expressed their stance, but have failed to present an action plan".

Other reports by Iphone Fresh

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