Houston - Iran has lost $10 billion in revenue since U.S. sanctions in November have removed about 1.5 million barrels per day (bpd) of Iranian crude from global markets, a U.S. State Department official said on Wednesday.
Brian Hook, the State Department’s special representative on Iran, said in remarks at the CERAWeek energy conference that due to a global oil surplus - in part due to record U.S. production - the United States is accelerating its plan of bringing Iranian crude exports to zero.
U.S. sanctions on Iran and Venezuela, two of the largest oil producers in the Organization of the Petroleum Exporting Countries, and production cuts by OPEC and Russia have boosted global oil prices to near four-month highs. Iran reached an agreement with world powers in 2015 over its nuclear program which led to the lifting of sanctions in 2016 but U.S. President Donald Trump pulled out of the deal in May last year and reimposed restrictions in November.
Trump “has made it very clear that we need to have a campaign of maximum economic pressure” on Iran, Hook said, “but he also doesn’t want to shock oil markets, he wants to ensure a stable and well-supplied oil market. That policy has not changed.”