KEY POINTS
- Israel considers retaliatory measures against Iran.
- Iran’s oil production remains significant despite sanctions.
- China continues to import large quantities of Iranian oil.
Iran’s oil minister visited Kharg Island, home to the country’s main export terminal, for talks with a naval commander on Sunday, according to the oil ministry’s news website Shana. The visit comes amid growing concerns that Israel could target energy facilities.
An Israeli military spokesperson said Saturday that Israel would retaliate for last week’s missile attack by Tehran “when the time is right.” The U.S. news website Axios, citing Israeli officials, reported that Iran’s oil facilities could be a target. U.S. President Joe Biden said on Friday that he did not believe Israel had yet determined how it would respond.
Oil minister visits Kharg Island to inspect energy facilities
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produces around 3.2 million barrels per day (bpd), accounting for approximately 3% of global output. Despite U.S. sanctions, Iranian oil exports have risen this year to nearly multi-year highs of 1.7 million bpd.
Most of Iran’s oil and gas reserves are in the south of the country, including Kharg Island, which ships about 90% of the country’s oil exports. Oil Minister Mohsen Paknejad arrived on Kharg Island on Sunday “to visit the oil facilities and meet operational staff,” Shana reported. The terminal there has a storage capacity of 23 million barrels of crude oil.
Talks held with IRGC Navy on securing South Pars platforms
Reuters reported that Paknejad also met Mohammad Hossein Bargahi, a commander of the Islamic Revolutionary Guard Corps (IRGC) Navy, to assess the security of Iran’s South Pars gas platforms and review the actions of the Guards’ 4th Naval Region.
“The IRGC Navy plays an important role in the security of oil and gas facilities,” Paknejad said.
China, which does not recognize U.S. sanctions, remains Iran’s largest oil customer. Analysts estimate that China imported between 1.2 million and 1.4 million bpd from Iran during the first half of 2024.SEO Tags:
