Iran regains lost oil market share

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According to Iran’s Oil Minister Bijan Zangeneh, the regain is a result of a production increase to exports crude oil and condensed gas.

Iran regains lost oil market share

It is reported in Iranian media Press TV that Iran have managed to regain oil market shares which was lost as result of western sanctions.

According to Iran’s Oil Minister Bijan Zangeneh, the regain is a result of a production increase to exports crude oil and condensed gas.

Zangeneh also said that this was a part of a series of achievements that the Oil Ministry had been able to make since the removal of sanctions in mid-January this year.

In 2011, several sanctions were imposed against Iran by the west to control its nuclear weapon programs which put serious obstacle to sell oil to world market.  Although, when the sanctions were lifted in mid-January, Iran increased its export to around 1.4 million barrels per day within a few weeks to sell oil to European markets.

Iranian oil minister Zangeneh had expressed recently that Iran would increase its oil production by some 500,000 barrels per day immediately after the sanction withdrawal and it would also increase production of another 500,000 barrels per day within the following months.

However, there was a pressure to decrease Iranian oil productions by Russia and Saudi Arabia but the country said the country will not reduce or freeze oil production. On the other hand, Iran’s President Rouhani said that Iran will export 2 million barrels per day within next few months.

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