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Iran Not to Forgo its Oil Market Share: Minister

(Tuesday, February 16, 2016) 15:44

TEHRAN, Feb. 16 (Shana) – Petroleum Minister Bijan Zangeneh stressed that Iran will not give up its quota in the international crude oil market adding that Tehran will be hosting a tripartite ministerial meeting to be participated by his Iraqi and Venezuelan counterparts on Wednesday.

“What is important is that, first, the market is oversupplied, and, second, that Iran will not overlook its quota,” he told Shana following a meeting with the visiting Georgian Energy Minister Kakha Kaladze here on Tuesday.

“Iraqi Oil Minister Adil Abdul-Mahdi and Venezuelan Oil Minister Eulogio Del Pino are scheduled to arrive here for a tri-partite meeting on Wednesday,” he added.

To a question on the joint meeting of Russian, Venezuelan, Qatari, and Saudi oil ministers in Doha on Tuesday, Zangeneh said he was not communicated with the outcome of the meeting.

“According to reports about the meeting which I am still not informed about its final results, there were talks over stabilizing the production quota,” he added.

“It requires discussion and examination to be seen what has been their point,” said Zangeneh.