Iran says to keep Asia as main oil market after sanctions

Business Materials 17 May 2015 12:00 (UTC +04:00)

Tehran, Iran, May 17

By Mehdi Sepahvand - Trend:

Director of the international affairs of Iran's Oil Ministry Mohsen Qamsari has said that Asia will be the main market for Iranian oil in the post-sanction era.

"Although we are seeking to sell oil to all markets after the sanctions are removed, the Asian continent will remain as the main market for the Iranian oil," he said, IRNA news agency reported May 17.

He also pointed to the prospects of oil export to Europe and said that the amount of oil trade with European countries will depend on how willing those countries will be to buy Iranian oil.

Right after the sanctions are removed, half of Iran's European market is restorable, he said.

The official had said earlier that Iran was holding regular talks with its traditional customers, expressing willingness to sign contracts with those countries.

He had also said that Iran would be able to regain its place in the global oil market in the course of one month after sanctions on Iran are removed.

The EU posed sanctions on Iran on Jan.23, thus preventing European companies to extend their contracts with Iran.

Greece and Spain were two main customers of Iran's oil.

Right now, Iran's oil sale is limited to China, India, Turkey, Japan, and South Korea.

Sanctions on Iran's economy are expected to be removed through talks on Iran's nuclear program, which are expected to result in a comprehensive agreement with the group 5+1 (the US, UK, France, Russia, China, and Germany) by the end of June.

Mehdi Sepahvand is a Trend Agency journalist in Tehran. Follow him on Twitter @mehdisepahvand