George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Iran says top waterways won't be as safe if its oil exports cut to zero

Wed, 21st Aug 2019 13:39

GENEVA, Aug 21 (Reuters) - If Iran's oil exports are cut tozero, international waterways will not have the same security asbefore, its president said on Wednesday, cautioning Washingtonagainst raising pressure on Tehran in an angry confrontationbetween the longtime foes.

The comment by President Hassan Rouhani coincided with aremark by Iranian Foreign Minister Mohammad Javad Zarif thatTehran might act "unpredictably" in response to "unpredictable"U.S. policies under President Donald Trump.

"World powers know that in the case that oil is completelysanctioned and Iran's oil exports are brought down to zero,international waterways can't have the same security as before,"Rouhani said while meeting Iranian Supreme Leader Ayatollah AliKhamenei, according to Khamenei's official website.

"So unilateral pressure against Iran can't be to theiradvantage and won't guarantee their security in the region andthe world."

Tensions between Tehran and Washington have risen since theTrump administration last year quit an international deal tocurb Iran’s nuclear ambitions and began to ratchet up sanctions.Tehran has denounced the new penalties as "economic warfare".

In a speech at the Stockholm International Peace ResearchInstitute (SIPRI), Zarif appeared to echo Rouhani's tone.

"Mutual unpredictability will lead to chaos. President Trumpcannot expect to be unpredictable and expect others to bepredictable. Unpredictability will lead to mutualunpredictability and unpredictability is chaotic," Zarif said.

Global commodity trading has been rocked in recent monthsafter a series of attacks on international merchant vessels,which the United States has blamed on Iran, and an Iranianseizure of a British oil tanker. Tehran has denied accusationsthat it was behind attacks on six tankers in May and June.

Washington, which has by far the strongest Western navalcontingent in the Gulf, has been calling for its allies to joinit in an operation to guard shipping in the Strait of Hormuz, avital gateway for the world’s oil industry.

So far, Britain, Australia and Bahrain have joined theU.S.-led security mission to protect merchant vessels travellingthrough key Middle East waterways.

Reiterating Iran's chilly response to the security mission,Iranian Rear Admiral Ali Fadavi, a deputy commander of the eliteRevolutionary Guards, said no one can secure the Gulf other thanIran and countries of the region, according to the semi-officialFars news agency.

"Securing the Persian Gulf is the responsibility of Iran andthe countries of the region," Fadavi said. "Other than us, noone can secure the Persian Gulf."

Erik Hanell, owner of the British-flagged tanker detained byIran while entering the Gulf, met Zarif in Stockholm on Aug. 20to make the case for the ship and its crew to be freed.

The Stena Impero was diverted to an Iranian port on July 19,two weeks after Britain detained an Iranian tanker off theterritory of Gibraltar. That ship was released this week.

"A constructive dialogue was had and we shared informationaround the case," Hanell, chief executive of Stena Bulk, said ina statement on Wednesday. "It was important for us to emphasisethe importance of the release of the 23 crew...Also for therelease of the Swedish-owned vessel Stena Impero."

(Reporting by Babak Dehghanpisheh with additional reporting bySimon Johnson in Stockholm, Tuqa Khalid in Dubai and Kate Holtonin LondonEditing by William Maclean/Mark Heinrich)

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.