US not seeking reduction of Iranian oil sales

WASHINGTON

President Barack Obama said Wednesday that the U.S. will not seek to reduce oil purchases from Iran below 2013 levels, as part of Washington's commitment under the nuclear deal reached with Tehran.

In an agreement between Iran and world powers at the end of 2013, the U.S. consented to permit oil purchases from Iran to remain at existing levels, Obama wrote in a letter to the heads of Energy, Treasury and State departments.

"Accordingly, my administration is not seeking further reductions of Iranian oil purchases,” he added.

Earlier this year, world powers and Iran reached a final agreement that, in part, restricts Tehran’s nuclear activities to peaceful purposes.

According to the deal, beginning from the date Tehran starts to implement the agreement, the U.S. and its partners would incrementally lift sanctions on the Islamic Republic.

The deal went into effect Oct. 18 and Obama directed his secretaries of Commerce, Treasury, Energy and State departments to begin loosening sanctions in line with the deal.

The State Department said sanctions allow Tehran to sell only about 1 million barrels of crude oil per day.

But Tehran seeks to sell about double that amount – its pre-sanctioned level in 2012.

Iran produces 3.17 million barrels per day, according to the Organization of Petroleum Exporting Countries.