EU Commissioner for Energy and Climate Miguel Arias Canete says Iran and the EU will form a joint working group to address challenges confronting Iran’s oil trade.
“In this working group, we will try to come up with solutions to allow Iran to keep the level of its oil [exports] intact,” Canete said after a meeting with Iran’s Oil Minister Bijan Zangeneh on Saturday.
Zanganeh has vowed Tehran would spare no efforts to maintain its oil production and exports at current levels, and predicted it would overcome the difficulties resulting from the US withdrawal from the nuclear deal.
Iran, which has the world’s fourth-biggest oil reserves, produces some 3.8 million barrels of oil per day, 70 percent of which goes to China and other Asian countries, and 20 percent to Europe.
Iran’s trade with the European Union is around 20 billion euros, which is evenly split between imports and exports.
The EU on Friday started implementing the “blocking statute” process to shield EU companies doing business with Iran. The statute aims to neutralize the extraterritorial effects of US sanctions in the EU.