Biden’s tacit acknowledgment of Iran’s high oil sales in global markets

According to the report of Fars News Agency International Group, in a situation where according to OPEC’s monthly report, Iran’s oil production reached 3.058 million barrels per day in September 2023, equivalent to Shahrivar 1402, the White House In a note signed by the American president, he implicitly acknowledged the high sales of Iranian oil in the world markets.

The White House on Saturday (11 November, 20 November published a memo signed by US President Joe Biden, in which he claimed that based on the results of a “careful study” of the information given to him about the state of the world economy, he came to the conclusion that oil reserves and products of other countries except Iran is present in the markets to a sufficient extent, which provides the possibility of significantly reducing the volume of fuel purchases from Tehran by foreign financial institutions. In this memo sent to the Secretary of State, Secretary of Treasury and Secretary of Energy, Biden added that he will continue to closely monitor the situation.

The publication of this note took place in the situation that the latest statistics of Iran’s oil production, quoted from secondary sources in the monthly report of the Organization of Crude Oil Exporting Countries, show that Iran’s oil production in September 2023 reached 3.058 million barrels per day compared to September 1402, which has increased by 15 thousand barrels per day compared to the previous month.

Iran in August month 1402) had produced 3 million and 43 thousand barrels of oil per day and had taken the third place in OPEC oil production.

The exact text of Biden’s note “Determining the President Pursuant to Sections of the National Defense Authorization Act of Fiscal Year 2012” reads as follows: With the authority vested in me by the Constitution and the laws of the United States as President, after careful consideration of the reports submitted to Congress by the Energy Information Administration , including a report submitted in October 2023 and other relevant factors, including world economic conditions, the level of excess capacity, and the availability of strategic stockpiles, pursuant to section 1245(d)(4)(B) and (C) of the Defense Authorization Act National for fiscal year 2012, Public Law 112-81 and in accordance with previous decisions, I determine the sufficient supply of oil and oil products from countries other than Iran, the possibility of significantly reducing the volume of oil and oil products purchased from Iran by or through foreign financial institutions. It provides what can be done. I will continue to closely monitor the situation.

Earlier, the US Department of Energy announced a 40,000 barrel improvement in Iran’s oil production in its new estimate. In its new report, the US Energy Information Administration increased the previous estimate of Iran’s crude oil production by 40,000 barrels per day and announced that Tehran produced 2,970,000 barrels of oil per day in the third quarter of 2023.

Recently, the US House of Representatives also approved a plan to sanction institutions involved in facilitating Iran’s oil trade. This plan was approved by American legislators on Friday, November 12, with 342 votes in favor and 69 votes against. They describe a specific action. “Kimberly Donavan”, an analyst at the Atlantic Council think tank, told the “Hail” news website that the plan is not much different from the current sanctions against Iran. He said: “The sanctions that have been imposed against Tehran and especially against the country’s energy sector are very extensive.” He added: “I am not sure how the approval of this plan can significantly reduce Iran’s ability to sell oil.”