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US Unable to Ban Iran's Oil Exports

Service : Economy
TEHRAN, May 27 (ICANA) – A senior Iranian oil official dismissed the US ability to hinder Iran's oil exports, saying that the country is supplying five percent of the total global oil output.
Friday, May 27, 2011 7:43:21 PM
US Unable to Ban Iran's Oil Exports

"Iran produces four million barrels of oil per day while the daily production of crude in the world is about 80 million barrels," Head of the International Affairs of National Iranian Oil Company Mohsen Qamsari said.

Oil production of Iran accounted for five percent of the total global oil output, he said.

"Iran exports about 2.5 million barrels of oil per day. Given that Iran's huge oil and gas resources and the sensibility of its oil in the world, the US is not capable to impose sanctions on Iran's oil exports directly," Qamsari said.

The comment by the Iranian official came days after Washington on Tuesday imposed sanctions against seven foreign companies that deal with Iran as part of its campaign to tighten its embargo against Tehran.

Oil reserves of Iran reached 155 billion barrels from 151.3 billion barrels after discovering new fields.

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