If sanctions are removed, there’s a big chance that demand for Iranian oil will recover in Asian nations like South Korea, China and Japan, according to analysts.
The Iranian oil chief has said that the government and its nuclear negotiators have always been under the auspices of the Supreme Leader whose “expediencies and guidance” will help rid the country of sanctions.
Iran has allocated USD 15.2 billon for the development of joint oilfields with neighboring Iraq as part of the Islamic Republic’s plans to increase its oil output.
Consensus among all members will determine whether or not an extraordinary meeting of OPEC should be held in case global oil prices continue to drop, said the Iranian oil chief.
Oil Minister Bijan Namdar Zanganeh says it is not only up to OPEC to deal with growing market oversupplies, adding non-OPEC producers should to cooperate to limit oil production.
An Iranian economist says a recent drop in oil prices will probably take a toll on Iran’s economy, complicating government efforts to draft a spending package.
The Iranian oil minister says countries that hold talks with Iran before the lifting of sanctions will have an edge over others that wait until after the sanctions are removed.
Some 32 world countries will be attending Iranˈs 19th International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2014) to be held in Tehran on May 6-9.
