Friday, 8 May 2015

Iran has lost nearly 60% of its oil share in market’

In Oil & Companies News 08/05/2015

Iran has lost some 60 percent of its global oil market share over sanctions in the past few years, says minister.
Iran’s Petroleum Minister Bijan Namdar Zangeneh said Wednesday that “the West’s cruel sanctions” have slashed the country’s foreign oil sales by 60 percent, but Iran will increase the exports once the sanctions are lifted.
He made the comments at a news conference before heading to Germany for the third annual Energy Security Summit in Berlin.
The two-day event, titled “Crises and Prices: Energy Security Amidst Multiple Uncertainties,” is aimed at analyzing the current political and strategic challenges, focusing on ways to diversify energy supplies with the help of green technologies, as well as the “new order of energy policies and markets,” according to organizers.
The Iranian minister also said that he will meet with German government and companies’ officials, which shows they are “laying the ground for their return to Iran.”
Zangeneh further referred to Iran oil dues and said currently India owes Tehran some USD 7 billion for its previous purchases.
He also said the Islamic Republic will do its utmost to regain its market share among the members of the Organization of Petroleum Exporting Countries (OPEC).
Iran, which produced more than 4 million barrels a day in 2008, lost market share to other producers amid sanctions imposed to curb its nuclear energy program. The country reportedly pumped some 2.77 million barrels a day last October.
However, January figures by the OPEC revealed that Iran produced 2.75 million barrels of oil per day.
OPEC said in its Monthly Oil Market Report for February that Iran’s total crude production in January had registered a major drop of 25,000 barrels per day compared to December 2014.
The organization also says the average price of Iranian oil for 2014 stood at $104.89 per barrel. It said the average price of Iranian oil for 2015 is expected to stay around $42.84 per barrel.

Source: PressTV