The 23rd Iran International Oil, Gas, Refining and Petrochemical Exhibition was inaugurated by Iran's Oil Minister Bijan Namdar Zanganeh in Tehran on Sunday.
In addition to Iranian companies, over 600 representatives from 37 countries participated in this round of the expo, also known as Iran Oil Show 2018.
The oil minister said, "Iran has an undeniable position in the international market that cannot be overlooked."
The large-scale participation of international companies in this year's exhibition is an affirmation of this declaration.
Companies participating in the event are based in Azerbaijan, Austria, Spain, Germany, the UAE, the UK, Italy, Belgium, Turkey, Czech Republic, China, Russia, Japan, Sweden, Switzerland, France, Croatia, South Korea, Poland, the Netherlands, India, Finland, Hong Kong, Bahrain, Kazakhstan, Monaco, Canada, Liechtenstein, Oman, Denmark, Taiwan, Norway, Australia, Brazil, Malaysia and Singapore and even the US.
On the sidelines of the event, Zanganeh met with Croatia's deputy prime minister and economy minister, Martina Dalic.
>Freedom of Choice, Security
In his inaugural address, Zanganeh said politicizing the energy market will not only harm the producers, but will also adversely impact consumers in the long run.
He noted that the energy market should enjoy freedom of choice and security.
"Putting political, financial and technical pressure on producers will harm the consumers as well," he added.
US President Donald Trump has given the European signatories a May 12 deadline to "fix the terrible flaws" of the 2015 nuclear accord, which eased sanctions on Iran, otherwise threatening to not extend the suspension of sanctions and restrictions on Iran's oil sales.
Such hostile rhetoric has already made the energy market skittish, as anxiety over a change in political and trading equations is rising.
Some oil traders have already adopted a wait-and-see approach and refused to sign contracts for Iranian crude and refined products that would be valid after May 12, according to recent interviews with six companies that buy and sell oil in the Middle East, Reuters reported.
>Support for Reasonable Prices
Zanganeh said Tehran prefers a "reasonable crude oil price to avoid market instability".
He stressed that reasonable oil prices would "encourage producers to maintain supply while it would prevent global markets from plunging into instability".
The minister noted that the uptrend in oil prices is a result of "manufactured tensions".
Oil prices rose about 2% on Friday, with Brent settling at $74.87 a barrel, as global supplies remained tight after Saudis hiked prices and the market awaited news from the US on possible new sanctions against Iran.
Amir Hossein Zamaninia, deputy oil minister for international and commercial affairs told Bloomberg that “suitable price” for crude is $60 to $65 a barrel.
