US Intends to Drive Iranian Crude Oil Output to Zero - Pompeo
US Secretary of State said Tuesday on the sidelines of CERA Energy Week conference in Houston that Washington is "committed to bringing Iranian crude oil exports to zero as quickly as market conditions will permit".
"We have every intent of driving Iranian oil exports to zero just as quickly as we can", Pompeo said on Tuesday evening.
Moreover, Pompeo urged the whole oil industry on Tuesday to work with Washington in order to promote US foreign policy, especially in Asia and in Europe, and to punish what he dubbed "bad actors" on the world stage.
"We need to roll up our sleeves and compete – by facilitating investment, encouraging partners to buy from us, and by punishing bad actors", Pompeo said.
US Secretay of State also said that the US oil-and-gas export boom had allowed Washington to meet energy demands once satisfied by its geopolitical rivals.
The United States brought back sanctions on Iran last year after President Donald Trump pulled the country from the 2015 nuclear deal that his predecessor co-signed together with Russia, China, Germany, France, and the United Kingdom.
The first round of sanctions came into force in August, followed by the second round in November. The sanctions targeted not only Iran's economy but also individuals and entities that continued doing business with Iran. The US restrictions also include measures that curb Iran's oil industry.
According to the IRNA news agency, Tehran’s revenue from oil exports in the first nine months of the current Iranian year — which runs from 21 March 2018 to 20 March 2019 — have increased by 48.9 percent year-on-year despite the reimposition of US sanctions. The main reason for the increase in revenue was reportedly the oil price hike in the global markets.
Iran's oil revenues from the said period amounted to over $17 billion. However, the demand for oil has recently dropped from $80 per barrel to $50 against the background of the trade war between the United States and China as well as oversupply on the oil market.
https://sputniknews.com/us/201903131073179365-usa-iran-pompeo-oil-output-sanctions/