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Efforts Continue to Save Iran Oil Market Share

Source: 5/21/2018, Location: Asia

Climate Action and Energy Commissioner Miguel Arias Ca?ete met Iranian Minister of Petroleum Bijan Zangeneh in his Tehran office on Saturday in a bid to protect Iran"s oil trade following US withdrawal from the nuclear deal.

The meeting was aimed at presentation of plans for continuing oil and gas purchases and protect European companies despite renewed US sanctions on Iran by the EU energy commissioner.

Addressing a press briefing following the meeting, Iranian Minister of Petroleum Bijan Zangeneh said the EU commissioner conveyed EU message to Tehran regarding protection of the Joint Comprehensive Plan of Action (JCPOA)"s implementation, adding negotiation would be continued between Iranian Ministry of Petroleum executives and EU energy commissioner"s representatives on oil, gas and petrochemical topics.

"The EU Energy Commissioner voiced the political will of the Union in Sofia, Bulgaria, [to protect JCPOA]," he added.

The official said: "Based on a statement issued by the EU, representatives from the two sides will enter into detailed discussion in this regard."

Asked whether the US pullout of the JCPOA would force an end to the OPEC cut deal by the end of the 2018, Zangeneh said, "Any decision in the Organization needs consensus [of the members]."

"I believe if the EU helps us and honors its statements, the level of Iran"s oil exports will remain intact and this would not be a reason for changing a decision made in the past."

Responding to a question on what guarantees existed that India and China would continue oil purchase from Iran, the official said: "We have talked to them and received no negative feedback from them."

Mr. Zangeneh had previously announced Iran had targeted an oil output of 4.2 million barrels per day. Asked whether the country would pursue such output despite the restrictions, he said: "That would be difficult but we would not put that aside. It might take more time, but we will not do away with it."

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