Iran Not Concerned About "Share War"

The oil produced in Iran is neither ultra heavy nor ultra light, because of which it has its own traditional customers. Consequently, the rise in supply or decline in demand will not affect Iran's presence in international markets, Deputy Oil Minister Seyyed Mohsen Qamsari said.

Addressing a panel on "Iran's Oil Future in Post-Sanctions Era," the official remarked, "Iran produces medium-range crude oil, that is why it has its own special buyers," ISNA reported.

Responding to a question on "Share War", Qamsari said, "Supplying the saturated market with 3.5 more million barrels is a propaganda exercise and should not be taken seriously."

Being asked about longterm and short-term contracts with oil giants, the official reiterated, "Certain refiners are willing to purchase our crude and we ought to reach an agreement with them. Furthermore, it is too early to comment on Iran's future share, yet we are doing our best to maximize our share, and signing medium-term contracts is high on the agenda."

According to the deputy minister, Asia is high on the list of priorities, not only due to its proximity to Iran but also because of its higher profitability.

Underlining negotiations between the National Iranian Oil Company and Royal Dutch Shell, he said that such talks are underway mostly in upstream sectors and there have been no negotiations concerning oil prices.

Regarding oil price, Qamsari is of the opinion that global market will not experience a dramatic rise in the near future.