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Mon Aug 27, 2012 2:40PM
File photo shows an Iranian oil worker at an oil facility.

File photo shows an Iranian oil worker at an oil facility.

Iran's crude sale is going ahead and we continue to sell oil to our traditional buyers located in the remote places of the world." Iran's OPEC governor, Mohammad-Ali Khatibi
Iran's OPEC governor, Mohammad-Ali Khatibi, says the Islamic Republic keeps supplying crude oil to its customers regardless of US and European-imposed embargos. “Iran's crude sale is going ahead as usual and we continue to sell oil to our traditional buyers in the remote places of the world,” the Iranian Oil Ministry's official news agency, SHANA, quoted Khatibi as saying on Monday. He added that Iran's oil buyers have two options as far as the delivery is concerned. “These countries can either receive their purchased oil in their own insured vessels or get oil delivered in Iranian-ensured oil tankers.” Khatibi, who is also director of the National Iranian Oil Company’s international affairs department, said Iran sells its oil based on the official pricing system (OSP). “This price is determined every month based on the market conditions and within the framework of studies [of the market].” Under pressure from the United States, the EU foreign ministers approved new sanctions against Iran's oil and financial sectors last January. The sanctions, which prevent EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1. On August 1, the US Congress approved more illegal embargoes against Tehran, which seek to punish banks, insurance companies and shippers that help Tehran sell its oil. The new US embargoes on Iranian crude sanctions, signed into law by US President Barack Obama, seek to penalize other countries for buying or selling Iran’s oil. Khatibi said the oil market has been largely influenced in recent days by supply and demand, as well as geopolitical and psychological factors. He laid the blame on speculators for causing psychological impacts on the oil market. “Speculation in the market and the ensuing turmoil are not defendable as they create psychological atmosphere.” “The Middle East, the linchpin of [oil] supply and demand, is somewhat in turmoil due to intervention and adventurism by some states, causing concern over supply,” he said. KA/SS
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