Iran regains lost oil market share

Iran has already been able to regain the share of the oil market that it had lost as a result of multiple years of draconian sanctions.

According to Press TV, Oil Minister Bijan Zangeneh says this has been materialized as a result of an increase in the country’s production and exports of crude oil as well as gas condensate.

Zangeneh – who made the announcement in a message to the nation on the eve of the new Persian calendar year (to begin 21 March) – emphasized that these are only part of a series of achievements that the Oil Ministry has been able to make after the removal of sanctions against Iran in mid-January.

Zangeneh had previously emphasized that Iran would increase its oil production by some 500,000 bpd immediately after the removal of the sanctions and by another 500,000 bpd within the following months.

He had also called on global producers to make way for the incoming Iranian oil supplies, stressing that Iran has no plans to freeze its production – as demanded by market heavyweights such as Russia and Saudi Arabia.

On Wednesday, President Rouhani told reporters that the country’s oil exports will reach 2 million bpd within the next few months.

SS