The numbers that are coming out of the region on exports look really bad for Iran. The country’s oil exports declined to just 0.3 million barrels per day in June - which is nothing less than terrible news for the country which was exporting well over 2 million barrels per day just before the U.S. sanctions. Before the re-imposition of sanctions, Iran exported 2.5 million barrels per day in April 2018.
The falling exports have been the biggest of reasons why President Trump looked relaxed and added that his administration has plenty of time, even after Iran downed a U.S. spy drone for allegedly entering its territory.
As the U.S. sanctions choke out Iran’s export revenue, the Iranian officials launched a scathing attack on the EU, which is also a partner to the agreement, for its promise to protect Iran’s oil exports from U.S. sanctions and for its failure to do so.
Iran’s Deputy Foreign Minister for Political Affairs Seyyed Abbas Araqchi blamed the European Union and not their ability to counter U.S. sanctions. He added, “We are convinced that Europe’s lack of commitment to its JCPOA undertakings was not because of its incapability, but lack of determination….. Europe is not ready to pay any cost for preserving the JCPOA…… The European companies dare not to disobey the US Treasury Department’s orders, which means Europe’s lack of sovereignty, even inside its own borders.”
Iran has issued an ultimatum to the EU to act within the next two weeks to preserve JCPoA, better known as the Iran nuclear agreement or lease Iran would more aggressively stop the commitments under the agreement.
