Iran demands minimum oil exports of 2.8-mln-bpd under nuke deal

TEHRAN -- Iranian Foreign Minister Mohammad Javad Zarif said on Monday that Iran's minimum demand for oil sales under the 2015 nuclear deal is 2.8 million barrels per day (bpd).

Iranian President Hassan Rouhani has conveyed this demand to the European signatories of the nuclear deal, or the Joint Comprehensive Plan of Action (JCPOA), according to Zarif at a press conference.

"Iran's oil sales should be restored to the level in May 2018 when the United States withdrew from the JCPOA," he said.

Following US President Donald Trump's pullout from the JCPOA in May 2018 and re-imposition of sanctions, Iran's oil exports have seen a sharp decline.

Besides, the European parties should fulfill their promises concerning the return of Iranian petrodollars after the oil sales, Zarif said.

He noted that Iran will take another step to reduce its nuclear commitments if the parties to the deal fail to secure Iran's economic interests.

It is worth noting that Iran has recently withdrawn from parts of its obligations under the deal.

To secure trade with Iran and skirt US anti-Iran sanctions, the European Union announced in January the launch of a special payment channel with Iran known as Instrument in Support of Trade Exchanges (INSTEX).

However, Tehran said the EU mechanism lacks feasibility in supplying Iran with petrodollars.