6 May 2015
Determined to regain oil export market share – Iranian Oil Minister
FXStreet (Mumbai) - The Iranian oil ministry’s website SHANA quoted Oil Minister Bijan Zanganeh saying that Iran is determined to regain its share of the crude oil export market once sanctions imposed over its nuclear programme are lifted.
Iran, once the second largest producer, plans to boost its oil exports by up to 1 million barrels per day (bpd) if Tehran and six major powers finalize a nuclear agreement by a June 30 deadline. Sanctions imposed by the European Union and the United States have halved Iran's oil exports to a little more than 1 million bpd since 2012.
Zanganeh also said "None of OPEC's members are happy with the current oil prices and the market is oversupplied, Political factors are behind the low prices.”
Iran, once the second largest producer, plans to boost its oil exports by up to 1 million barrels per day (bpd) if Tehran and six major powers finalize a nuclear agreement by a June 30 deadline. Sanctions imposed by the European Union and the United States have halved Iran's oil exports to a little more than 1 million bpd since 2012.
Zanganeh also said "None of OPEC's members are happy with the current oil prices and the market is oversupplied, Political factors are behind the low prices.”