News ID: 167606
Published: 0233 GMT August 26, 2016

Zanganeh: Iran wants pre-sanctions oil market share', supports stability

Zanganeh: Iran wants pre-sanctions oil market share', supports stability

Iran wants its pre-sanctions share of the crude market, Oil Minister Bijan Namdar Zanganeh said on Friday.

"Iran had no role in disrupting the stability of the oil market and after the sanctions we seek to revive our share in the global crude market," he said, in remarks carried by the ministry's Shana news service.

Zanganeh had given a brief boost to world prices on Thursday after announcing he would attend the informal OPEC meeting in Algiers on a possible output freeze with non-group producer Russia in late September, AFP wrote.

But on Friday he insisted there could be no talk of Iran abandoning its determination to restore its market share after last year's nuclear agreement with world powers led to the lifting of sanctions on its oil exports.

"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," he noted.

He added that “revival of Iran’s lost share in the oil market is the national demand of Iranian nation”.

Tehran has doubled its exports of oil and gas to 2.7 million barrels per day (mbd) since signing the nuclear deal in July last year.

Its total output has risen from 2.7 mbd to 3.85 mbd, 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 mbd," Zanganeh said.

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

Prices had already dipped in Asian trade earlier on Friday after Saudi Energy Minister Khalid al-Falih played down the 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.

Zanganeh noted, “Our expectation is that those turning market unstable, should assume highest and main responsibility to restore stability in the market.”

Iran refused to accept a freeze earlier this year, having just emerged from international sanctions and keen to maximize its oil revenues, but rumors this week that it may have changed its position have led to a 10 percent spike in prices, according to Bloomberg.


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