Iran Defies US Sanctions Pressure on Oil Exports
Iran's oil production and exports remain unaffected by US sanctions pressure, according to National Iranian Oil Co. (NIOC) chief Hamid Bovard.
Bovard told Fars News Agency that Iran will find ways to deal with new measures targeting its economy and oil industry, as Washington ramps up pressure on Tehran in what US officials have called an 'Economic D-Day'.
Despite a US naval blockade affecting Iranian ports and vessels in the Gulf of Oman and the Indian Ocean, Bovard said Iran's oil production and exports remain 'in their proper place'. He contrasted Iran's position with neighbouring Persian Gulf countries, saying many of their oil operations have been disrupted due to difficulties in the Strait of Hormuz.
The US administration on August 24 expanded secondary sanctions on entities and buyers doing business with Iran, as Washington seeks to bring economic pressure on Tehran to a peak. The move was aimed at cutting commercial ties with Tehran and ending a six-month conflict that began with US and Israeli attacks on Iran in late February.