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14 May 2015
Iran not after oil price war – Iran Oil Minister
FXStreet (Mumbai) - Iranian Minister of Petroleum Bijan Zangeneh said on Thursday that Iran will not pursue a market-share battle for the sale of its crude oil once US-led sanctions on the country are lifted.
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. “We will follow a policy of boosting and upgrading security for the Iranian crude oil demand in the long-term,” he added.
Earlier this month, Zangeneh had called on OPEC to make room for recovered Iranian oil production.
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. “We will follow a policy of boosting and upgrading security for the Iranian crude oil demand in the long-term,” he added.
Earlier this month, Zangeneh had called on OPEC to make room for recovered Iranian oil production.