1 June 2016 - 10:04
  • News ID: 262061

Market Unaffected by Iran Oil Export Hike

Market Unaffected by Iran Oil Export Hike

TEHRAN, June 01 (Shana) -- Iran has not negatively impacted the oil market by doubling its crude oil exports, says Iranian Minister of Petroleum Bijan Zangeneh.

"Iran, having doubled its crude exports, has not affected the market negatively and the boost has been well absorbed by the market," the top Iranian energy official said.

Speaking ahead of the 169th ordinary meeting of the members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, due on June 02, 2016, Zangeneh told Shana that OPEC is an organization that is meant to maximize its members' interests by ensuring stability in the market. 

"It [OPEC] must be able to manage the market imbalance and this is a role by the organization that Iran supports," he said.
"The more OPEC fulfills this role, the more Iran will support the organization's goals and principal structure," he said. 

During the upcoming meeting, Iran will try to ensure that OPEC will embrace its role, he said.

"What is different about this edition of the meeting is Iran's crude oil export hike," he added. Iran has doubled its exports within 6 months from the 168th meeting which has not had any negative impact on the market, the supplies have been well absorbed by the market, he added.

"It is fortunate that the crude oil market, despite all the disruptions which took place recently, is restoring its balance," Zangeneh said.


Candidates for OPEC Sec. Gen. Post

The Iranian minister of petroleum said 7 candidates from Iran, Iraq, Saudi Arabia, Indonesia, Nigeria, Equator and Venezuela have signed up for OPEC secretary general's post.

A candidate will need to win all votes of the member states to take the post and some members have no chance in this regard, he added.

OPEC Secretary General is usually elected from a member country that has a neutral role in the organization, Zangeneh said, adding: "Iran will vote for the candidate whose qualities for the post exceed that of others." 

News ID 262061

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