Iran’s oil exports to Britain, Canada, Australia and other nations could fall by more than half this year, the country’s central bank said Thursday.
The Iranian economy, which accounts for a third of its $1.3 trillion GDP, has been hurt by the global economic downturn and sanctions over the countrys nuclear program, but there are no immediate plans to shut down its oil exports.
Iranian Oil Minister Abbas Akhoundi said on Friday that the country has “no plans at this stage” to cut its oil imports, saying he hopes the U.K. will be able to continue to buy oil from Iran.
“We are in contact with the British and Canadian governments to keep the Iranian oil supply flowing,” Akhoundieh told the parliament in Tehran.
“We hope the British government will continue to keep its relations with Iran and the Iranian people.”
In March, Iran agreed to a landmark deal with the U., U.S., France and Russia to curb its nuclear program in exchange for sanctions relief.
Under the deal, Iran was to allow unrestricted exports of crude oil from the Islamic Republic.