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Iran Determined to Revive Oil Market Despite US Sanctions

Iran Determined to Revive Oil Market Despite US Sanctions
folder_openIran access_time 26 days ago
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By Staff, Agencies

Despite US sanctions, the Islamic Republic of Iran is pushing to advance the development of its oil industry, Iranian Oil Minister Bijan Zanganeh said Saturday.

“We will not surrender under any circumstances ... We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share,” Zanganeh said in a televised speech, cited by Reuters news agency.

The minister’s comments came ahead of an expected signing of a $294 million deal between Iran’s National Iranian Oil Company and Iranian firm Persia Oil & Gas, according to Reuters.

The company will be tasked with developing the Yaran oilfield, to be shared with Iraq’s Majnoon field.

Most recently, Iran’s oil exports have decreased from more than 2.5 million barrels per day to around 100,000 to 200,000 barrels per day, according to assessments, Reuters reported.