This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
Iran: Iranian oil minister says Tehran won't give up its oil market share00:20

Iran: Iranian oil minister says Tehran won't give up its oil market share

Iran, Islamic Republic of, Tehran
February 17, 2016 at 13:49 GMT +00:00 · Published

Iranian Oil Minister Bijan Zangeneh announced that Iran will not give up its share of the global oil market while speaking from Tehran, Wednesday.

The Iranian oil minister's remarks came after an emergency meeting was held between major oil producers Saudi Arabia, Venezuela, Qatar and Russia in Doha, Tuesday, to discuss the possibility of a production freeze to stabilise falling oil price.

"They [Saudi Arabia, Venezuela, Russia and Qatar] have discussed about setting a production ceiling, but it still has to be discussed. We still have to see what they really mean by it and they should come here to speak about this. What is important is that firstly the market is currently oversupplied and secondly Iran will not relinquish its market share," Zangeneh stated.

Iran has expressed its wish to return oil production to near pre-sanction levels, about 4 million barrels per day, after sanctions had decreased its production down to 2.8 million barrels per day. Sources at the Organisation of Petroleum Exporting Countries (OPEC) have stated the possibility of Iran being offered special terms as part of the output-freeze deal, to allow it to increase production levels given the large decrease caused by sanctions imposed by the West.

Iran: Iranian oil minister says Tehran won't give up its oil market share00:20
Restrictions

NO ACCESS TO BBC PERSIAN TV / VOA PERSIAN NEWS NETWORK / NO ACCESS MANOTO TV

No Account? Sign up!
Description

Iranian Oil Minister Bijan Zangeneh announced that Iran will not give up its share of the global oil market while speaking from Tehran, Wednesday.

The Iranian oil minister's remarks came after an emergency meeting was held between major oil producers Saudi Arabia, Venezuela, Qatar and Russia in Doha, Tuesday, to discuss the possibility of a production freeze to stabilise falling oil price.

"They [Saudi Arabia, Venezuela, Russia and Qatar] have discussed about setting a production ceiling, but it still has to be discussed. We still have to see what they really mean by it and they should come here to speak about this. What is important is that firstly the market is currently oversupplied and secondly Iran will not relinquish its market share," Zangeneh stated.

Iran has expressed its wish to return oil production to near pre-sanction levels, about 4 million barrels per day, after sanctions had decreased its production down to 2.8 million barrels per day. Sources at the Organisation of Petroleum Exporting Countries (OPEC) have stated the possibility of Iran being offered special terms as part of the output-freeze deal, to allow it to increase production levels given the large decrease caused by sanctions imposed by the West.

Top downloads in last 24 hours
02:54
Thailand: Primates go ape for the Monkey Buffet FestivalThailand: Primates go ape for the Monkey Buffet Festival
November 29, 2020 at 07:56 GMT +00:00
01:49
France: Police use tear gas as protests against new security law escalateFrance: Police use tear gas as protests against new security law escalate
November 28, 2020 at 18:29 GMT +00:00
02:59
France: Chaos hits Paris as protesters clash with police at anti-security bill demoFrance: Chaos hits Paris as protesters clash with police at anti-security bill demo
November 28, 2020 at 23:30 GMT +00:00
01:45
France: Police use water cannon, protesters respond with fireworks as Paris demo turns violentFrance: Police use water cannon, protesters respond with fireworks as Paris demo turns violent
November 29, 2020 at 00:07 GMT +00:00
02:58
Afghanistan: At least 30 killed by car bomb explosion in GhazniAfghanistan: At least 30 killed by car bomb explosion in Ghazni
November 29, 2020 at 11:11 GMT +00:00
05:08
Sudan: Thousands of Ethiopians fleeing from Tigray war relocated to Um Rakuba campSudan: Thousands of Ethiopians fleeing from Tigray war relocated to Um Rakuba camp
November 29, 2020 at 04:26 GMT +00:00
04:17
Turkey: Istanbul craftsman designs luxurious gold and silver masks amid pandemicTurkey: Istanbul craftsman designs luxurious gold and silver masks amid pandemic
November 28, 2020 at 21:30 GMT +00:00
Pool for subscribers only
00:47
Indonesia: Lewotolo volcano erupts spewing ash into skyIndonesia: Lewotolo volcano erupts spewing ash into sky
November 29, 2020 at 05:56 GMT +00:00
02:59
Argentina: Thousands march against abortion rights in Buenos AiresArgentina: Thousands march against abortion rights in Buenos Aires
November 29, 2020 at 06:45 GMT +00:00
02:47
Armenia: Protesters demand government action on returning prisoners of warArmenia: Protesters demand government action on returning prisoners of war
November 28, 2020 at 17:29 GMT +00:00
02:11
Italy: Floods wreak havoc and kill at least 3 in SardiniaItaly: Floods wreak havoc and kill at least 3 in Sardinia
November 28, 2020 at 18:50 GMT +00:00
02:22
France: Clashes erupt and fires rage as Parisians protest security billFrance: Clashes erupt and fires rage as Parisians protest security bill
November 28, 2020 at 16:37 GMT +00:00
03:59
Iran: Protesters decry 'cowardly assassination' of nuclear scientist and demand reprisalIran: Protesters decry 'cowardly assassination' of nuclear scientist and demand reprisal
November 28, 2020 at 20:03 GMT +00:00
03:31
Ice rink opens in Moscow's Red Square spreading holiday cheer Ice rink opens in Moscow's Red Square spreading holiday cheer
November 29, 2020 at 00:59 GMT +00:00
01:59
UK: More arrests made at anti-lockdown protest in LondonUK: More arrests made at anti-lockdown protest in London
November 28, 2020 at 19:19 GMT +00:00
02:33
UK: Arrests made at London anti-lockdown rallyUK: Arrests made at London anti-lockdown rally
November 28, 2020 at 14:18 GMT +00:00
Pool for subscribers only
01:35
USA: Sightseer finds metal monolith in Utah desert despite authorities keeping location secretUSA: Sightseer finds metal monolith in Utah desert despite authorities keeping location secret
November 28, 2020 at 16:55 GMT +00:00
View all videos