Accessibility links

Breaking News

Iran Says Will Work With OPEC To Support Oil Prices, But Not 'Sacrifice'


Iranian Oil Minister Bijan Zanganeh
Iranian Oil Minister Bijan Zanganeh

Iranian Oil Minister Bijan Zanganeh said Iran will work with other OPEC members to support oil prices, but it will not back down from its goal of restoring output lost due to years of economic sanctions.

"Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share to be considered," Zanganeh said, according to the ministry's SHANA news service.

"Iran had no role in disrupting the stability of the oil market," he said. "When the instability occurred in the market [in 2014], Iran's oil exports were less than 1 million barrels per day."

"We expect those who disrupted the market's stability to take the highest responsibility in restoring stability," he said. "Iran has made its sacrifices for the market and it's no longer the time for Iran."

Since sanctions were lifted in January, Tehran says it has doubled oil exports to 2.7 million barrels per day. Its total output has risen from as low as 1 million barrels a day under sanctions to 3.6 million in July, not far from Iran's pre-sanctions output level of 4 million.

Based on reporting by AFP and Oilprice.com

RFE/RL has been declared an "undesirable organization" by the Russian government.

If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.

To find out more, click here.

XS
SM
MD
LG