Iran plans oil exports from the Gulf of Oman to secure crude flow

Iran plans to export oil from a port on its Gulf of Oman coast by March, the president said on Thursday, a shift that would avoid using the Strait of Hormuz shipping route that has been a focus of regional tension for decades.

“This is a strategic decision and an important step for Iran that will secure the continuation of our oil exports,” President Hassan Rouhani said in a televised speech.

He said Iran aimed to export 1 million barrels per day (bpd) of oil by March from Bandar-e Jask, a port on Iran’s Gulf of Oman coast, just south of the Strait of Hormuz. Iran’s exports were about 2.6 million bpd before the U.S. sanctions were reimposed.

“This move will assure our oil buyers that Iran will continue exporting oil if the Strait is closed,” he said.