China to remain Iran’s main oil market in post-sanction era
Baku, Azerbaijan, Jan. 17
By Umid Niayesh- Trend:
China will be Iran's biggest oil market in the post sanction period, Iranian Deputy Oil Minister Amir Hossein Zamaninia said.
During the sanction period, China was the first destination of Iran's crude oil exports and no change will be made in this sphere in the new term, Zamaninia said, the oil ministry's official SHANA news agency reported Jan. 17.
He rejected claims that India will be Iran's main oil customer in the post-sanction period.
"Asian and European markets, as well as Latin America and Africa will be Iran's main oil markets in the new era," Zamaninia said.
He added that Iran has the capacity to increase its oil export by 500,000 barrels per day in the short term and to boost the figure by one million barrels per day in the new future.
However, the increase will be in a manner to impose less impact on the global oil prices, he said, without unveiling further details.
During the sanction period, Iran gave up its market share to Saudi Arabia, and other countries, Zamaninia said, adding regaining the lost markets is a priority for Tehran.
Iran's current oil production is estimated to be around 2.8 million barrels per day (mbpd), of which about one million barrels are exported.
Iran's oil output was about 3.7 mbpd in 2011, but it decreased due to western sanctions, imposed in mid-2012.