27 Nov 2024
Thursday 24 September 2015 - 00:34
Story Code : 181676

Iran is winning back pre-sanctions oil market share: MP

Tehran, Sept 23 , IRNA Iran will push for regaining its share at the global oil markets in the post-sanctions era, a senior lawmaker said adding that an increasing number of visiting foreign delegations are expressing their interest in Irans oil and energy industry.

Most of consultations are centering around expansion of ties in energy notably oil, gas, and petrochemical areas. Many of delegations are applying to buy Irans crude oil, Chairman of Majlis (Parliament) Energy Commission Ali Marvi said quoted by the Shana Petro Energy Information Network.
The parliamentarian reiterated that Irans conditions have changed. They are negotiating with a country that despite of sanctions, has managed to keep developing.
Only through increased production and export can we have more influence in OPEC, he added, Iran will win back its share in global oil competition and it will not have a remarkable effect on oil price fluctuations.
He urged OPEC member countries to observe their production quota so that market will be stabilized.
On Sunday, First Vice President Eshaq Jahangiri called for an immediate boost in Irans crude oil production once sanctions against the Islamic Republic are lifted.
Petroleum Minister Bijan Zangeneh has said that Iran is ready to increase its oil production in one week after sanctions are lifted.
Iran was OPECs second-biggest producer before US-led sanctions banned its customers from purchasing, transporting, financing and insuring of its crude in mid 2012.
Irans output can increase by 500,000 barrels a day within a week after sanctions end and by 1 million barrels a day within a month following that, the minister said in a televised interview.

By IRNA
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