Iran eyes oil for goods barter plan to fight sanctions

Iranian President Hassan Rouhani

Iranian officials in the past have threatened to block the Strait of Hormuz, a major oil shipping route, in retaliation for any hostile USA action against Iran.

"The formation of this committee means that we will make purchases of goods conditional to purchases of Iran's crude oil and this would limit the impacts of reductions in Iran's oil exports [once the sanctions return]", added Qarehkhani who is the spokesman of the Energy Committee of the Iranian Parliament. This U.S. government will not stay in office forever. Washington has since told countries they must stop buying Iranian oil from Nov 4 or face financial measures.

It also highlighted that the oil ministry's order to refiners "to prepare for drastic reduction or zero import of Iranian oil from November" was passed a day after USA ambassador to UN Nikki Haley visited India.

"Iran will survive this round of US sanctions as it has survived them before".

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When asked at a news conference in Bern later on Tuesday whether those comments constituted a threat to interfere with the shipping of neighbouring countries, Rouhani said: "Assuming that Iran could become the only oil producer unable to export its oil is a wrong assumption".

According to the sources, External Affairs Minister Sushma Swaraj had not given any assurance to her Iranian counterpart Mohammad Javad Zarif about oil import from Iran when they held talks here in May.

On July 6, the foreign ministers of Iran and the five world powers still party to the nuclear deal - Britain, France, Russia, China, and Germany - will meet in the Austrian capital to discuss ways to preserve it in the wake of the US withdrawal. Under the accord, Iran agreed to reduce its nuclear facilities to have sanctions lifted to free up oil revenue and frozen assets of more than US$100 billion. "We don't keep it [to] ourselves", he said. "They have talked without thinking carefully", Rouhani said.

But all the other signatories to the nuclear deal say they still support it.

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Separately, Iran's interior minister Abdolreza Rahmani Fazli warned Tuesday that "if we close our eyes for 24 hours, 1 million refugees will go toward Europe through our Western borders" via Turkey.

The EU's foreign service, the EEAS, was not immediately available for comment on the meeting.

"Not the United States, not any other country would benefit from this decision to withdraw from the accord", he also said. But European officials acknowledge that USA sanctions make it hard to give Tehran guarantees.

India may likely to fall back on the rupee-rial arrangement for importing oil from Iran in case the United States forces it to cut procurement of petroleum products from that country, the sources said.

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The leader of Saudi Arabia promised US President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

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