Former US president Donald Trump

Iranian Expert Warns Of Increased Sanctions Under Potential Trump Presidency

Monday, 04/08/2024

Mirghasem Momeni, an Iranian energy expert, highlighted concerns over the potential return of Donald Trump to power and its impact on Iran's oil market.

"If Trump returns to power, sanctions and pressure on Iran's oil and its oil partners will increase, and efforts will be made to further isolate us, resulting in a reduction in our foreign currency revenues. This will be a political and economic lever for Trump to align Iran with his policies or bring it to the negotiation table," he warned.

Trump's withdrawal from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), in 2018, marked the beginning of what he termed 'maximum pressure' sanctions on Tehran.

The move drastically reduced Iran's oil exports to less than 500,000 barrels per day and blocked revenues in foreign banks.

Regarding oil prices, Momeni explained that they are influenced by supply and demand dynamics, international developments, and geopolitical tensions.

He suggested that while clean energy initiatives are gaining traction, fossil fuels remain essential, and any crisis in oil-producing regions could affect prices.

Iran's crude oil production stood at an estimated 3,163,000 barrels per day as of January 2024, showing a slight decrease from December 2023's output of 3,168,000 barrels per day and significantly lower than the 4,376,194 barrels per day Iran was producing in 2016.

Under the Biden administration, both sides of the political spectrum have accused the president of being too soft on Iran, which has continue to accelerate nuclear enrichment, suppress human rights and expand its diplomatic hostage taking policy.

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