Iran can return to oil markets using new methods of oil marketing

Business Materials 13 May 2015 16:24 (UTC +04:00)

Baku, Azerbaijan, May 13

By Umid Niayesh - Trend:

Iranian oil minister, Bijan Namdar Zanganeh said that the country will not trigger a price war in order to restore its traditional markets in post-sanctions period.

Decreasing oil price to increase exports once the sanctions against the Islamic Republic are lifted is not on Iran's agenda at all, Zanganeh emphasized.

He further said that Iran can return to the oil markets in short-term with new methods of oil marketing.

The Iranian minister confirmed that Tehran has lost a significant part of its share from the global oil markets as a result of the international sanctions, the country's Mehr news agency reported May 13.

Iran will certainly change its marketing and crude oil sale methods after the sanctions removed, Zanganeh said without unveiling further details.

Iran's marketing policy in the post-sanctions period will be based on securing long-term demand for Iranian crude, he added.

He also emphasized that Iran is not concerned about selling its oil once the sanctions are lifted, saying even one barrel of Iran's crude will not remain unsold in the post-sanctions period.

It should be noted that by holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.