Number of Iranian Crude Buyers on Rise: Deputy Minister

TEHRAN (Tasnim) – Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said the number of buyers of Iranian crude has increased despite US sanctions on the country’s oil industry.

Number of Iranian Crude Buyers on Rise: Deputy Minister

Despite US pressures on Iranian oil market, the number of potential buyers of Iranian oil has significantly increased due to a competitive market and pursuit of more profit, Zamaninia said on Saturday as quoted by Shana news agency.

The United States withdrew from the 2015 nuclear deal between Tehran and world powers last year and snapped sanctions in place to choke Iran’s oil and banking industries, while temporarily allowing eight customers to keep buying crude from the Islamic Republic.

Iran has urged European countries, which are still committed to the nuclear deal, to oppose the sanctions by creating a financial mechanism that facilitates payments of Iranian oil sales.

Zamaninia said the mechanism, known as SPV (special purpose vehicle for trade), would be "helpful but could not resolve the problems since US influence will affect any European action."

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