Iran unconcerned about Saudi crude export to Europe, ready to increase its crude oil export by 500,000 B/D. (Taz).
Deputy Oil Minister of Iran Roknoddin Javadi has said his country is not worried about Saudi crude exports to Europe, asserting that Iran would still find a market in European countries.
Iran has been in talks with Shale and Total and is going to secure itself a place in the European oil market, Mehr news agency quoted him as saying on Nov. 10.
As Iran gears up for relief from sanctions, Saudi Arabia has started to increase its oil exports to Europe.
The countries currently boosting their exports to Europe are able to do so only in Iran's absence, Javadi claimed, noting, however, that it would take a while for Iran to return to the European market.
He pointed out that the National Iranian Oil Company (NIOC) had already held comprehensive talks with all its traditional customers, adding that there was no concern over the resumption of oil sales after the lifting of sanctions.
He hoped that Iran would achieve its goal since European countries have a policy of diversifying their oil import sources to reduce the risk of a shortage in critical times.
Mohsen Ghamsari, executive director for international affairs at the NIOC, asserted in September that Iran was fully prepared to increase its crude oil export by 500,000 barrels per day once sanctions are lifted, adding that the global oil market could easily absorb Iran’s surplus output. Iran’s current oil production stands at some 2.7 million barrels per day.
There are three main sanctions on the Iranian oil sector that the country expects to be removed. These affect transfers of petrodollars, the provision of oil tankers, and the ability to insure the tankers.