Unilateral sanctions on major oil-producing countries are destabilizing global oil markets and negatively impacting consumers worldwide, Iran’s Oil Minister Mohsen Paknejad warned on Wednesday.
Paknejad made the comments during a meeting with OPEC Secretary General Haitham Al Ghais, following U.S. President Donald Trump’s decision to reinstate the “maximum pressure” campaign aimed at reducing Iran’s oil exports to zero.
According to Iran’s oil ministry news service, Shana, Paknejad emphasized the importance of depoliticizing the oil market to ensure energy security, especially for oil producers and consumers. He also raised concerns about the destabilizing effects of unilateral sanctions and external pressure on OPEC.
Paknejad’s remarks came just hours after President Trump signed a National Security Presidential Memorandum (NSPM) that aims to further limit Iran’s oil exports. The directive orders the U.S. Secretary of State to modify or cancel sanctions waivers, particularly those offering Iran economic relief, including those related to its Chabahar port project.
The memorandum also calls for a continued effort to drive Iran’s oil exports, including to China, to zero. This marks the continuation of Trump’s “maximum pressure” policy, which he has consistently backed.
Despite ongoing U.S. sanctions, Iran has been able to increase its oil exports to levels not seen in six years, reaching over 1 million barrels per day (bpd) in the summer of 2024. Most of this oil has been exported to China, where independent refiners have continued to purchase cheaper Iranian crude since Trump first imposed sanctions in 2018.
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