President Obama took another step on Wednesday toward implementing the deal Iran struck with six world powers to curb its nuclear program by pledging that the U.S. would not prevent some Iranian oil sales.
Under the preliminary agreement Tehran reached with Beijing, Berlin, London, Moscow, Paris and Washington in November 2013, the U.S. committed to allowing Iranian oil exports to flow at 2013 rates.
In a “presidential determination” issued Wednesday, Obama said he would honor that provision and not attempt to cut Iranian oil exports below that base.
Related Story: http://www.washingtonexaminer.com/article/2575923
“Accordingly, my administration is not seeking further reductions of Iranian oil purchases,” Obama stated. “I will continue to monitor this situation closely.”
According to the U.S. Energy Information Administration, Iran was producing 2.8 million barrels of crude daily in November 2013. But because of Western sanctions, that’s down from a production level of about 3.7 million barrels in 2011.
