Tehran can immediately sell oil upon signing US-Iran deal, US official says
The US has agreed to allow Iran to immediately sell oil upon signing a deal, with the provision taking effect once the agreement is signed. The agreement has conditions, including Iran not developing nuclear weapons and not interfering with navigation in the Strait of Hormuz. The move is seen as a significant concession to Iran, with over 100 million barrels of oil in storage and on tankers that could be easily sold.
- ▪The US will allow Iran to sell oil and fuel under the memorandum of understanding reached between the two sides.
- ▪The agreement waives sanctions on Iranian oil sales and covers services including banking, transportation, and insurance.
- ▪Iran has more than 100 million barrels of oil in storage and on tankers that could be easily sold, with more than 60 million barrels of that outside the US blockade.
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Cargo ships in the Gulf, near the Strait of Hormuz, are seen from northern Ras al-Khaimah, near the border with Oman's Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11. Reuters-YonhapWASHINGTON — The U.S. will allow Iran to immediately begin selling oil and fuel under the memorandum of understanding the two sides reached to end the war, a senior U.S. official said on Tuesday.The provision for waiving sanctions on Iranian oil sales takes effect once the agreement is signed this week and also covers services including banking, transportation and insurance to facilitate the sales, the source said.The U.S. official said the agreement has conditions.“This is a performance-based agreement," the person said on condition of anonymity.
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