Iran not after oil price war

Iran will not pursue a market-share battle for the sale of its crude oil once US-led sanctions on the country are lifted, Minister of Petroleum Bijan Zangeneh has said.

Zangeneh has already called on OPEC to make room for recovered Iranian oil production which was cut by half under the sanctions.

The country expects to boost output by 1 million barrels per day after a nuclear agreement is reached by the end of June.

But “Iran has not put an oil price war in the market on the agenda under any circumstances” when the sanctions are lifted, Zangeneh said.

The minister said Iran’s oil marketing and sale methods will undergo changes when international restrictions are removed.

“We will follow a policy of boosting and upgrading security for the Iranian crude oil demand in the long-term,” he said.

Zangeneh said he was confident that not a single Iranian barrel would be without a customer when the sanctions are lifted.

“Through using new marketing method and investment, Iran’s oil demand security will be raised. There is no room for worry,” he added.