Basically, if the Europeans do not abide by the JCPOA, the Iranians may cut back on their oil production. Iranian exports to Europe total about 2 million bpd, about 40% of Iran’s petroleum exports.
Iranian Oil Minister Bijan Zanganeh says Tehran’s oil exports to remain unchanged if the Iran nuclear deal is salvaged by the EU following the US withdrawal from the multinational accord.
In an address to reporters after his meeting with EU’s energy chief Miguel Arias Canete in Tehran, Zanganeh underlined that the US decision to pull out of the deal also known as the Joint Comprehensive of Action (JCPOA) would not lead to Tehran’s oil exports fluctuation if the EU could salvage it.
“Every new decision in OPEC needs unanimity… I believe that the help of the European Union helps us… the level of our oil exports will not change,” Zanganeh said.
Following US move in May to quit the deal, the US Treasury announced the administration would re-impose a wide range of Iran-related sanctions after the expiry of 90- and 180-day wind-down periods, including sanctions on Iran’s oil sector.
To salvage the deal, the EU announced a package of measures on Friday to counter US sanctions on Iran.