News ID: 258995
Published: 0307 GMT September 20, 2019

Oil should not be used as a weapon: Zanganeh

Oil should not be used as a weapon: Zanganeh

Iranian Oil Minister Bijan Namdar Zanganeh warned about the politicization of the oil market, saying that the US is using oil as a weapon, which is not the right approach.

Responding to a question on Thursday about the current state of the oil market in light of the recent problems at Saudi Aramco oil facilities, Zanganeh said, “Some believe that some oil supplies have gone out of the world markets, but I don’t think it’s an important issue; soon the balance will be restored in the market,” reported Mehr News Agency.

“The United States is now using oil as a weapon; oil is not a weapon. If this strategic commodity is used this way, then everyone would be allowed to use it in a similar manner, which is not the right approach,” he said.

On Wednesday, Zanganeh said that although Iran cannot currently sell its oil with convenience, it will not stop efforts to this end.

The minister stressed that oil must 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 (JCPOA), signed between Iran and the P5+1 in July 2015, and reimposed Washington’s unilateral sanctions on Tehran, in two phases.

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.

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, “For some time, 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.”

 

   
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