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QUESTION: The International Energy Agency today released its report on Iranian crude oil exports for the month of February. Those figures show that it exported on average 1.65 million barrels per day during the month of February. As you’ll recall, the fact sheet that the White House put out said that your target was to keep Iran to 1 million barrels per day under the JPOA. How are you going to keep them under a million barrels per day if, in the first month after the JPOA took effect, right, on January 20th, they’re already at 1.65?

MS. PSAKI: Well, as you know, Arshad, but just for everybody, the current average amounts of crude oil refers to the average volume over a six-month period. It’s not referring to one specific month. So month-to-month variability is normal in oil markets, and we expect and we still expect and anticipate that the average over – that this will average out over a six-month period.

QUESTION: To 1 million?

MS. PSAKI: Mm-hmm, to meeting the bar that was set in the JPOA.

QUESTION: In the JPOA or in the White House fact sheet? I’m sorry to interrupt. The JPOA doesn’t actually specify a number, but the White House fact sheet does, which is 1 million barrels per day. So that is what I think is the marker.

MS. PSAKI: Well, what is specified in the JPOA is that the United States will pause efforts to further reduce Iran’s crude oil sales, which allows current customers to purchase their current average amounts of crude oil. And those averages are looked at over a six-month period. Nothing – I don’t – we have nothing to dispute what was either in the White House fact sheet or the JPOA. We are still anticipating on meeting everything that was laid out specifically.

QUESTION: So in – and just so I’m clear, so your target – since it came from the White House, it’s clearly Administration policy.

MS. PSAKI: Correct. Mm-hmm.

QUESTION: So your target is that over the six-month period beginning when? Beginning November 24th, or beginning --

MS. PSAKI: Beginning January 20th, mm-hmm.

QUESTION: -- that Iran’s oil exports must be held to an average over that 180-some-day period of one million per day.

MS. PSAKI: Correct. What was in the White House fact sheet still stands, yes. Let me just outline for you a couple of reasons why these monthly numbers have recently looked high. Iran’s contributions to Syria are part of what drives up numbers cited on exports. What’s important to keep in mind here is that Iran does not get revenue from this oil. So oftentimes, you see those numbers, but that’s not reflected in the revenue Iran is receiving. And that’s part of the numbers as well. Also, there are variations in month-to-month numbers because of seasonality, and of course, the numbers you’re referring to are February numbers. Winter is traditionally a peak period, so that is often reflected in how high the oil numbers are.

And finally, and this is more of a technical piece but still relevant for those close followers of these issues, export figures often mix condensates and crude oil, which often creates inconsistencies in the way numbers are reported. And what matters as it relates to implementation of the JPOA and the accompanying fact sheet is the crude oil numbers. So we look at all of these factors, as we look at what the average are over the six-month period.

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