A senior Iranian oil official said demand for Iran's oil is high, especially in Asian markets, as nuclear talks reached a critical point in Vienna and Russia's invasion of Ukraine sent oil prices soaring.
"Regardless of the outcome of the JCPOA talks, given the high demand for oil in the market, it seems that the trend of selling Iranian oil continues to increase," Mohammad Ali Khatibi, former director of international affairs of the National Iranian Oil Company (NIOC), told Shana news.
Iran's oil sector was strangled by United States sanctions imposed after former US president Donald Trump withdrew from the nuclear deal in 2018. Talks to revive the deal, lifting sanctions and bringing Tehran back into full compliance with its nuclear obligations, have dragged on for nearly a year.
After Iran's Deputy Foreign Minister Bagheri Khani returned to Tehran for consultations on Monday, the European Union's top negotiator Enrique Mora said it was time to wrap up the talks.
"It is time, in the next few days, for political decisions to end the #ViennaTalks. The rest is noise," he tweeted.
Whether a deal is reached or not, Khatibi said Iran will continue to sell its oil. "Regardless of the outcome of the JCPOA talks, and given the high demand for oil in the market, Iran will continue to boost its sales," and if sanctions are lifted, Iran can increase its oil exports "by about 1.5 million barrels," he said.
According to Reuters, in recent months, China has purchased record amounts of Iranian oil, importing more than 700,000 barrels per day in January.
Brent crude prices soared to a 14-year high of $139 per barrel on Monday as US Secretary of State Antony Blinken said Washington was in talks with European allies over banning imports of Russian oil and gas as they ramp up sanctions in protest of Russia's invasion of Ukraine.
