Sunday, May 22, 2022

NIOC: Iran ready to supply global market with as much oil as it needs

The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices.

NIOC Managing Director Mohsen Khojasteh-Mehr told IRNA on Friday that the new Iranian administration has constantly been trying to not just get back Tehran’s share of the oil market but even increase it.

The country, he said, did not wait for a restoration of the 2015 nuclear deal and continued working to achieve that goal, despite the sanctions imposed on Iran by the US following its withdrawal from the accord.

Khojasteh-Mehr, who serves as Iran’s deputy oil minister, added that the Europeans see Iran as a “stable oil provider” with certitude, and that is why they are trying to secure Tehran’s return to the market.

“At the NIOC, we are ready to [help] the European companies and others to fulfill their oil needs via Iran,” he said.

Iran stands fully prepared to provide the market with as much Iranian oil as it requires.

Since late February, there has been a jump in global oil prices in the wake of the Russian invasion of Ukraine. At the same time, there has been widespread speculation about Iran’s return to the oil markets as talks on the revival of a 2015 nuclear deal appear to be in the final stages. A possible agreement in Vienna will remove the US sanctions on Tehran’s oil exports.

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