Zanganeh's Ministry Rewriting Market Strategy

Zanganeh's Ministry Rewriting Market StrategyZanganeh's Ministry Rewriting Market Strategy

Bijan Namadar Zanganeh said Wednesday," Iran has definitely lost a part of its oil market share due to the sanctions. Sooner or later it will restore its position. The policy of oil price war and disregarding OPEC export quotas has not and will not be on our agenda."

Highlighting the effect of global trade limitations, the oil minister told Mehr news agency, "Not only will our marketing strategy change, but we also will adopt a new approach to sell oil. The long term policy we pursue is providing more security for our customers as well as developing special marketing methods. Selling oil is not a problem for us." He did not elaborate.

Tehran is under punitive economic sanctions because of its nuclear program. After marathon talks in Lausanne, Iran and the P5+1 (Britain, China, France, Russia, the US plus Germany) reached a framework agreement he details of which are to be finalized by a June 30 deadline.  

The minister expressed confidence that soon after the sanctions become a thing of the past; Iran's oil will sell like in the past. Iran's oil tanker fleet is modern. On average eight years old, the tankers are capable of carrying an estimated 120 million tons of oil per annum.

In spite of the crippling oil and financial sanctions, production and export of both oil and gas condensates have seen an upward trend during the last few months, the news agency reported.

Eight decks at the main Kharg terminal on April 15 loaded more than seven million barrels of oil for the first time in 10 years, Pirouz Mousavi Iran Oil Terminals Company (IOTC) managing director said, noting that the volume was within the Organization of the Petroleum Exporting Countries (OPEC) quota.