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Iran wants pre-sanctions crude oil market share

Iranian oil minister, Bijan Zanganeh, said, 'Iran has made its sacrifices for the market and it`s no longer the time for Iran.' Photograph: (Getty)

WION Tehran, Iran Aug 26, 2016, 09.43 AM (IST)

Iranian oil minister, Bijan Zanganeh said today, that the country wants its pre-sanctions share of the crude oil market.

This dampens the prospects of agreement on an output freeze at an Organization of the Petroleum Exporting Countries (OPEC) meeting next month. 

"Iran had no role in disrupting the stability of the oil market and after the (lifting of) sanctions we seek to revive our share in the global crude market," the ministry's SHANA news service quoted him as saying. 

On Thursday, he had announced he would attend the informal OPEC meeting in Algiers in late September, on a possible output freeze with Russia.

But today he insisted Iran would not be abandoning its ambitions to restore its market share after the nuclear agreement with world powers led to the lifting of sanctions on its oil exports last year.

 

"Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered," Iran's oil minister said.


"Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered," Zanganeh said.

"Iran has made its sacrifices for the market and it`s no longer the time for Iran,"  Iranian website, Mizan Online, reported him saying.

Iran has doubled its exports of oil and gas to 2.7 million barrels per day (bpd) since signing the nuclear deal.
The total output has risen from 2.7 million bpd to 3.85 million bpd. It is close to the level before international sanctions were imposed in 2012. 

"When the instability occurred in the market, ... Iran's oil exports were less than one million bpd," Bijan Zanganeh said. 

"We expect those who disrupted the market's stability to take the highest responsibility in restoring stability" he said.

Earlier on Friday, prices fell in Asian trade after Saudi energy minister Khalid Al-Falih played down prospects of any major move on output.

"I don't believe that an intervention of significance is required. I certainly don't advocate a cut," he told Bloomberg News.

In April, OPEC's attempt to freeze output collapsed due to Iran's refusal to join talks.

(WION with inputs from AFP)

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