US official: oil sanctions already costing Iran billions since May
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DUBAI—Sanctions have already cost Iran billions of dollars in oil revenue since May when US President Donald Trump pulled out of the nuclear deal, US Special Representative for Iran Brian Hook told reporters on a call on Monday.
"Our oil sanctions have taken off 1 million barrels of Iranian oil off the market, and that alone has reduced the regime's revenues by more than $2 billion," he said.
He did not explain the figures further. At present prices, a reduction of 1 million barrels per day in Iranian exports would reduce its revenue by around $2 billion per month.
The United States imposed strict sanctions on Iran's vital energy sector on Monday, which were lifted under Iran's 2015 nuclear deal with major powers. Washington granted waivers to 8 countries.
The measures are part of a wider effort by Trump to curb Tehran's missile and nuclear programs and diminish the Islamic Republic's influence in the Middle East. US allies in Europe, which backed the 2015 agreement under which Iran agreed to curb its nuclear program in return for the lifting of sanctions, oppose Trump's move.
Hook said Washington did not expect restored oil sanctions against Tehran to have a negative impact on a market that is well-supplied and balanced.
