1 May 2019 - 18:54
News Code 83299658
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Iran considering new ways for oil exports: Oil Minister

Tehran, May 1, IRNA – Iran's Minister of Oil Bijan Zangeneh said on Wednesday that some new ways have been adopted for oil exports drawing up new mechanisms.

Describing the crude export as the top priority of Iran's oil industry, the minister said that other priorities included providing the private sector with opportunity for investment in oil industry, vast cooperation with knowledge-based and startups, and cooperation with academic centers.

Speaking at the ceremony of inauguration of the 24th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, he said, 'Iran is not in hostility with any country in the region, but, two neighboring countries are trying to fill up Iran's place. They issue statements exaggerating their own production capacities.'

Zangeneh noted that the exaggeration is not only for their output capacities, and they exaggerate about their oil reservoirs as well.

'The oil market cannot be governed by statements, rather the prices are being determined by the real production available. The fragile market of oil cannot be governed by the statements. Their approach focused on creating positive psychological attitude in the market by statements,' he said.

The oil minister emphasized that Iran would never used the commodity as a political means, emphasizing that whoever does so, they should suffer the consequences.

Iran is targeted by US unilateral sanctions with Washington having claimed that it will halt Iran's crude sale. Last week, the US announced that sanctions waivers for six major Iran oil buyers would not be extended.

President Hassan Rouhani said on Tuesday that Iran's path for oil exports is not blocked as there are 'six more alternatives' for.

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