News ID: 133795
Published: 0341 GMT December 27, 2015

Oil discounts to be based on market norms: Zanganeh

Oil discounts to be based on market norms: Zanganeh

Minister of Oil Bijan Namdar Zanganeh said after the removal of sanctions, any discounts in Iran's crude oil products would be based on global market norms.

"After the removal of sanctions, our discounts will be based on market norms," he said in response to certain media hypes that in the post-sanctions era, Iran will offer 'attractive' discounts to win back its pre-sanctions export quota, Shana reported.

"Our top priority following the lifting of sanctions will be to raise oil export to the pre-sanctions level," Zanganeh said rejecting the reports on Iran's alluring discounts to woo customers.

On Saturday, managing director of National Iranian Oil Company (NIOC) said Iran has reached agreements with buyers of its crude oil over signing of contracts after the removal of sanctions adding that continued drop in oil prices will not hinder Iran's exports.

"As I announced earlier, we are ready to increase export to 500,000 barrels a day and in less than six months to raise the figure to over two million barrels per day," said Rokneddin Javadi.

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