US will fail to cut Iran oil exports to zero: ministry source

Says Iran is ready for any US decision to end waivers granted to buyers of Iranian crude

DUBAI: The United States will fail to cut Iranian oil exports to zero as Iran is ready for any US decision to end waivers granted to buyers of Iranian crude, the semi-official Tasnim news agency on Monday quoted an unnamed Iranian oil ministry source as saying.

US President Donald Trump has decided not to reissue waivers in May which had allowed importers to buy Iranian oil without facing US sanctions, the White House said in a statement on Monday.

"Whether the waivers continue or not, Iran's oil exports will not be zero under any circumstances unless Iranian authorities decide to stop oil exports ... and this is not relevant now," Tasnim quoted the source as saying.

"We have been monitoring and analysing all possible scenarios and conditions for the advance of our country's oil exports, and necessary measures have been taken ... Iran is not waiting for America's decision or the lack of it to export its oil," the news agency quoted the source as saying.

Iran has threatened to disrupt oil shipments through the Strait of Hormuz, a major oil shipment channel in the Gulf, if the US tries to strangle Tehran's economy by halting its oil exports.

On Monday, the commander of the Revolutionary Guards navy said Iran would close the Strait if Tehran is barred from using it.

"According to international law, the Strait of Hormuz is a marine passageway and if we are barred from using it, we will shut it down," the semi-official news agency Fars quoted General Alireza Tangsiri as saying.

"In case of any threat, we will not have even an iota of doubt to protect and defend the Iranian waters," Tangsiri added.