Meanwhile, the IEA says a market share battle between Russian Federation and the Organization of the Petroleum Exporting Countries (OPEC) combined with Iraq overtaking Saudi Arabia as the second largest seller in Europe is worsening the European oil glut. “It should be a concern for those who have replaced Iran”.
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“Under no circumstances will Iran concede its market share to others”.
Sri Lanka imported over 90% of it’s oil from Iran before global sanctions on Tehran came into its place, over its nuclear programme.
“According to our plans, in the next two and a half years the country’s gas production will increase to more than 1,000 million cubic metres a day”, Zanganeh was quoted as saying by the Oil Ministry’s news agency Shana.
Iran has started negotiations to buy shares in oil refineries in Europe, Latin America and Asia, the deputy oil minister was quoted as saying by Mehr news agency on Tuesday. Brent crude, a global pricing benchmark, has tumbled 30 percent since the group’s decision in June.
Oil Minister Bijan Zanganeh told reporters Tuesday that the increase is part of Iran’s plan to double its crude oil exports as sanctions are lifted, which officials expect to happen in early 2016. “So if the price does go down, it won’t worry us because it means, for instance, if the price drops but then export volumes increase, the income will stay the same as before”.
Iran’s oil exports fell to an average 1.4 million barrels a day a year ago from 2.6 million in 2011, U.S. Energy Information Administration data show.
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The country is also planning crucial measure to streamline its oil and gas production and refining installations in preparation for reentry of Iranian crude oil into the global markets.
