News ID: 258915
Published: 0300 GMT September 18, 2019

Oil minister: Iran will not stop efforts to sell oil

Oil minister: Iran will not stop efforts to sell oil

Although Iran cannot currently sell its oil with convenience, it will not stop efforts to this end, said the country’s Oil Minister Bijan Namdar Zanganeh.

Speaking to reporters on the sidelines of a cabinet meeting in the Iranian capital on Wednesday, he said oil is a public good which is needed by humanity, Shana reported.

The minister stressed that oil is required to be allowed to flow freely in markets.

Commenting on US efforts to replace Iran’s oil by that of Saudi Arabia, he said Washington had long been seeking to do this to use its shale oil.

This is probably among the reasons why the US imposed sanctions on Iran’s oil exports, he noted.

In May 2018, President Donald Trump pulled the US out of the Joint Comprehensive Plan of Action, signed between Iran and the P5+1 in July 2015, and reimposed Washington’s unilateral sanctions on Tehran, in two phases.

 

Foreign participation

Shifting to the participation of Russian and Chinese companies in the implementation of Iranian oil industry projects, Zanganeh said Russians had thus far put in a better performance compared to Chinese firms, which have failed to be very active thus far.

 

Gas extraction increase

 

Turning to the increasing trend witnessed in Iran’s gas extraction from the South Pars Gas Field, which it jointly shares with Qatar, he stressed, “Since a while ago, Iran’s production from the field has been increasing. Growth in production has been in such a way that since March 2018, our extraction from the field has been constantly rising.”

“Efforts are underway so that Iran’s daily gas extraction from the field would surpass 750 million cubic meters by March 2020.”

On Monday, Zanganeh said gas production from the South Pars Gas Field is nearing record levels so that Iran can for the first time take the lead in daily production from the field.

He added Iran’s daily output from the world’s largest gas field would reach 790 million cubic meters per day in the near future, outperforming Qatar which currently extracts around 620 million cubic meters a day from the field.

 

Aramco attacks

Turning to Saturday’s attacks on Aramco oil facility in Saudi Arabia, the Iranian oil minister assured that this is a short-term issue which would have short-term consequences that will impact everyone.

Zanganeh emphasized, “Oil is not a weapon and should not be used as one. They are concerned about oil supply security, an issue which has always been raised by Iran. What we say is that to ensure oil supply security and to safeguard the interests of consumers and producers, oil should not be used as a weapon.”

 

   
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