The oil importation relationship between Iran and other countries is usually subject to seasonal fluctuations. Sometimes it spikes, sometimes it goes down. In foresight, however, it seems that the current reduction on oil importation from Iran will carry on. As a matter of fact, the US State Department is expecting that many importers of Iranian crude oil will make further significant cuts in their purchases.
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| Image Source: ibtimes.com |
This is pursuant to US laws which urge all countries to make “significant reductions,” or reductions as stipulated by the US government, in the volume of their crude oil imports coming from Iran. Those who do not conform to this rule may run the risk of having their banks being cut off from the US financial system under US sanctions.
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| Image Source: jpost.com |
Amidst these talks of importation reduction, however, is an alleged political underpinning which touches on Iran’s long-standing nuclear issue. The above US sanctions apparently aim to cut off Iran’s funding sources for the Tehran nuclear program. Iran, however, denies these claims and states that its nuclear program is not for anything other than for civilian purposes.
Iran has the world’s second largest natural gas reserves, and is currently one of the world’s largest importer of crude oil.
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| Image Source: naturalgasasia.com |
Dr. Ali Ghalambor is one of the country’s foremost experts in natural gas and petroleum engineering. He is also a respected professor, consultant, and textbook author. Catch the latest in the oil and gas industry by visiting this Facebook page.
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