Iran says not to give up quota in OPEC, share in world market

Iran’s Oil Minister Bijan Namdar Zanganeh said that Iran will not give up its quota in OPEC and its share in world market.

Speaking on Iranian State TV Aug. 26, Zanganeh said Iran will raise exports even if the oil prices fall.

“The Islamic Republic of Iran will by no means ignore its quota in OPEC and the world oil market. We have no problem with slashing of oil prices on the global market because we can double our oil exports,” said Zangeneh, adding, “We should bypass the tyrannical conditions imposed on our country because maintaining Iran quota in OPEC and world market is among our vital parameters.”

“Those should be concerned that have extra income and production in the world markets; On what ground should Iranian government do something to lose its historical share in the oil market just because oil prices should increase,” he said.

Noting that the OPEC members should reconsider current oil production, Zanganeh said to this end, OPEC members have been asked to hold an extraordinary session that will be held if all the 13 members agree to it on consensus. Certain OPEC members do not wish increase in the prices and want to harm other members through low prices as a result of oversupply, he concluded.

/By Trend/