Iran Is About To Reclaim The Oil Market From Saudi Arabia

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Iran vows to reclaim the oil market from Saudi Arabia

Iran’s deputy oil minister has announced that the countries oil market will be taken back from Saudi Arabia following the removal of international sanctions on Iran. 

Amir Hossein Zamaninia said that the removal of sanctions has allowed Iran “the possibility to export 500 thousand barrels of crude oil.” reports:

Zamaninia emphasized that the country’s production and exports capacity of oil will reach one million barrels per day within a few months; “during the sanction years, Iran lost a portion of its oil market with countries like Saudi Arabia conquering the Iranian oil market,” he underlined.

The official deemed regaining of the lost oil market as the most important plan for the country adding “currently, Iran enjoys numerous customers from various parts of the world.”

In response to a question about further decline in global oil prices in case of increase in Iran’s oil output, Zamaninia explained “Iran possess the right to increase production while we seek to enter the global market exerting the least possible influence on oil prices.”

Deputy oil minister further declined the false claim made by Reuters in recent days that India has surpassed China in importing Iranian crude; “China will remain most major customer of Iran’s oil in the post-sanction era,” he emphasized.