A weekend report of comments from a “top official” in Iran. Bloomberg (gated) carry the report, citing Mohsen Khojastehmehr, managing director of the National Iranian Oil
Co.. he spoke with reporters Saturday in Tehran.
- Iran has capacity to double oil exports if there’s sufficient demand
Iran will “exert maximum effort to recoup its crude oil market
share and revive its customers,”
Iranian crude exports have plunged ever since previous US President Trump dumped the Iran nuclear deal in 2018. Talks between the European Union and Iran on attempts to revive the deal are ongoing. I’ve been updating on the negotiations for months and months but they are persistently stalemated. We get positive and negative indications on the talks on a seemingly never-ending cycle. Resuscitation of the deal, if it comes, will eventually bring more Iranian oil to market, over time.
Oil price update – trading resumes Monday morning Asia time/Sunday evening US time: