Iran's oil minister: U.S. making a mistake politicizing oil

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The United States has made a bad mistake by politicizing oil and using it as a weapon, Iran's Oil Minister Bijan Zanganeh said in a parliamentary session on Tuesday, the Islamic Republic News Agency (IRNA) reported.

"America has made a bad mistake by politicizing oil and using it as a weapon in the fragile state of the market," Zanganeh said, according to IRNA.

Oil prices on Tuesday hit their highest level since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.

Zanganeh added that the U.S. will not be able to reduce Iran's oil exports to zero. "With all our power, we will work toward breaking America's sanctions," Zanganeh said in parliament, according to the Iranian Students' News Agency (ISNA).

An oil production platform at the Soroush oil fields in the Persian Gulf, south of the capital Tehran, Iran, July 25, 2005. /Reuters Photo

The U.S. Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers to continue importing limited volumes.

As Iran's major trade partner, China Tuesday reiterated strong opposition to the U.S.'s unilateral sanctions against Tehran and U.S.'s long-arm jurisdiction against other countries. It urged the U.S. to respect China's legitimate cooperation with Iran.

(Cover: Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, December 6, 2018. /Reuters Photo)

Source(s): Reuters