BAKU, Azerbaijan, February 10. Iran's oil exports cannot be completely stopped, the country's Oil Minister Mohsen Paknejad told reporters, Trend reports.
In a statement to local media, Paknejad emphasized that the policy of restricting Iran’s crude oil exports, under the maximum pressure strategy pushed by US President Donald Trump, will not succeed.
Paknejad explained that Iran has various measures tailored to different situations to continue its crude oil exports. He added that any additional restrictions on Iran’s oil exports would only lead to more complex countermeasures from the country.
To note, US President Trump signed an executive order on February 5, reinstating the maximum pressure campaign against Iran. Trump mentioned that this strategy would not be used frequently and expressed his willingness to engage in discussions with Iran's president.
Iran's treasure trove of hydrocarbon reserves stands at a whopping 1.2 trillion barrels, with 340 billion barrels ripe for the picking using today's technology. Only about 30 percent of the country's hydrocarbon reserves are currently accessible, with the remaining 70 percent lying underground.
Since November 2018, the US has imposed new sanctions on Iran in response to its nuclear program, targeting Iran’s oil exports, over 700 banks, companies, and individuals.