Iran accepts no limits on its oil exports: Envoy – Economic news
Iranian Ambassador and Permanent Representative to International Organizations in Vienna, Kazem Gharibabadi, reiterated Iran’s position that the country will not hesitate to fully regain its market share once sanctions are lifted.
“Iran has always been an active and important founding member of OPEC and we will continue our positive role in the Organization. However, we have always said that Iran will not accept any limitation on its level of production. and oil export when the situation is normal, “tweeted Gharibabadi, responding to the tweet of his Russian counterpart Mikhail Ulyanov who hoped after the lifting of sanctions,” Iran will join OPEC + efforts to maintain stability of the oil market ”.
Tehran faces a race against time to reclaim its place in the global energy market as producers plan to increase oil production until the end of 2022. President Ebrahim Raeisi, who has taken office duties Thursday, said he would seek to lift the “tyrannical sanctions imposed by America”.
Negotiations in Vienna to bring the United States back to respect for the 2015 nuclear deal with Iran have been suspended since mid-June. Iran’s traditional customers are following the talks with interest, and some companies have reportedly been in talks to resume buying.
Iranian outgoing Oil Minister Bijan Zanganeh said last month that some members of the Organization of the Petroleum Exporting Countries (OPEC) were concerned about how a return of Iranian barrels to the market would affect prices, he said. reported Press TV.
Zanganeh said he said at an OPEC + meeting on July 18 that Iran would not hesitate to fully regain its market share once sanctions are lifted.
On Thursday, the Iranian ambassador and permanent representative to international organizations in Vienna, Kazem Gharibabadi, reiterated the position.
“Iran has always been an active and important founding member of OPEC and we will continue to play a positive role in the Organization. However, we have always said that Iran will not accept any limitation on its level of oil production and export when the situation is normalized, ”Gharibabadi replied.
“It would simply be a national decision rather than a decision to be taken through joint efforts,” he added.
At their meeting, OPEC and its Russian-led oil-producing allies agreed to release millions of barrels of bottled crude that would allow oil production to return to pre-pandemic levels by the end of the year. end of 2022. Under the agreement, oil producers would gradually increase production by 400,000 barrels per day each month.
has been exempted from global supply reductions agreed between OPEC and non-OPEC members in recent years in order to support prices.
Petroleum ministry officials have said that a lifting of sanctions could bring 3.8 million barrels per day of Iranian oil back to the market over time. They are confident in the country’s ability to rapidly increase its production. A senior official recently said that most production could be restored within a month.
Energy groups say the global oil market is able to absorb the additional supply relatively quickly, given the growing demand for fuel as global economic activity recovers from the impact of the COVID-pandemic. 19.
At least one European refiner has been cited for having had extensive discussions with the National Iranian Oil Company (NIOC) over resuming purchases. Indian refiners have also said they plan to cut cash purchases to make way for Iranian contract barrels.
Since April, Iranian crude production has increased by a modest 50,000 b / d, while the rest of the OPEC + alliance has increased production by around 1 million b / d, according to estimates by S&P Global Platts .
More OPEC + crude will arrive as a result of the group’s new supply agreement, and several members will target the same key markets in Asia as Iran, meaning the country has no time to waste to buy back its share. Steps.
“Reclaiming Iran’s share of the global oil market requires a strategic agenda and intelligent diplomacy,” Mostafa Nakhaie, spokesperson for the parliamentary energy committee, said last month.
“We need to strengthen relationships with OPEC members and former customers of our oil. We must also try to find new markets and customers, ”he added.
NIOC has reportedly negotiated with several Southeast Asian countries that have generally not imported its crude, including the Philippines, Thailand, Vietnam and Bangladesh, in addition to its traditional customers in China, India, Japan and South Korea, as well as in Europe.
Zanganeh having announced his retirement, President Raeisi has not yet appointed an oil minister. On Thursday, OPEC Secretary General Mohammad Barkindo attended Raeisi’s investiture in Tehran and wished him the best.
Raeisi expressed appreciation for the efforts of the OPEC secretariat to keep the oil market stable over the past two years, and wished Barkindo and his colleagues every success.
“The Iranian nation will not give up its legitimate rights, including the right to development, under pressure and sanctions. Sanctions against the Iranian nation will be lifted and any diplomatic proposal to materialize this goal is supported by us,” he said. declared Raeisi at the oath. -in ceremony.