Iran's First Vice President: Oil Exports to Be Handed Over to the Private Sector

Iran's First Vice President stated that the government's decision to offer oil on the domestic stock exchange allows the private sector to purchase and export oil transparently. On Sunday, July 1, Ishaq Jahangiri mentioned that Iran's crude oil will be available on the domestic stock market. He did not provide details on how oil would be offered or exported by the private sector. According to the nationalization law passed in March 1951, all exploration, extraction, and exploitation of oil is under the control of the Iranian government. However, reports have emerged about the involvement of unofficial individuals and entities in circumventing sanctions from the 2000s against Iran and selling oil. The Iranian Oil Minister indicated that one of the accusations against Babak Zanjani is that he failed to deposit over two billion dollars from oil sales into the government treasury. Jahangiri emphasized that the U.S. aims to prevent Iranian oil from being sold, calling such efforts 'impossible' and suggesting that recent actions are part of a 'psychological war.' The U.S. government claims it is working to convince countries buying Iranian oil to cease imports by November 4. A U.S. State Department official noted that separate discussions with Iranian oil buyers are ongoing, aiming to 'force Iran to change its threatening behaviors.' Jahangiri stated that preventing the sale of Iranian oil is 'impossible,' adding that this is why they turned to the Saudis to ensure that if Iranian oil decreases, it would not impact their oil market. Donald Trump announced that Saudi Arabia's king agreed to increase oil production to counter unrest in Iran and Venezuela. However, Jahangiri warned that any country attempting to take Iran's place in the oil market is 'betraying the Iranian nation and the international community and will one day pay for this betrayal.' Oil and gas exports are among the main sources of revenue for the Iranian government, with a significant portion of this year's budget relying on oil and gas sales. Political analyst Reza Taghizadeh told Radio Farda that Iranian oil has been 'the biggest victim of the Islamic Republic's nuclear programs.' He noted that while Iranian oil exports may not be completely halted due to stricter U.S. sanctions, they could drop to 600,000 to 700,000 barrels per day, exacerbating the already crisis-stricken economy. Meanwhile, Fars News Agency reported that last year, revenue from oil sales reached 50 billion dollars, according to Valiollah Seif, the head of Iran's Central Bank.