Friday 22 January 2021 - 14:11

Minister Stresses US’ Failure to Cut Iran’s Oil Export to Zero

Story Code : 911718
Minister Stresses US’ Failure to Cut Iran’s Oil Export to Zero
“The enemies especially the United States were trying to reduce Iran’s crude oil exports to zero, but their effort was doomed to failure thanks to the steadfastness of the Iranian nation,” Zanganeh said on Friday, in an address to the inaugural ceremony of the 25th Oil, Gas, Refining and Petrochemical Exhibition.

He added that Iran could hit the highest record in exporting oil products, noting that the country is alive and it will continue the path with more hope and new investment is the main incentive to improve Iran’s market.

According to Zanganeh, the oil ministry has allotted $500 million to support knowledge-based companies active in the development of oil industry.

“The oil ministry will buy equipment made by Iranian firms to enhance domestic innovation,” he noted.

The 25th Oil, Gas, Refining and Petrochemical Exhibition is being held with the participation of 550 domestic firms, 15 universities, 52 startup companies and 27 firms of the Innovation and Prosperity Fund. The exhibition is open till January 25 in Tehran.

Earlier in January, Zanganeh had said the new decision by an international group of oil producers (OPEC+) to slightly reduce supply cuts agreed for January would not have a major impact on global supply.

“The planned increase in output by Russia and Kazakhstan by up to 150,000 barrels per day until March would not significantly affect the steady supply of oil to the global markets in the upcoming months,” Zanganeh said after an OPEC+ ministerial meeting on Tuesday January 5.

Zanganeh said that OPEC+ members observed the special conditions of oil production in the two countries in the cold season as they agreed to the slight narrowing of cuts of 7.2 million bpd that had been agreed for January.

He hinted that acceptance of the increased production was a gesture by major producers like Riyadh to ensure that countries like Russia would continue to contribute to future supply agreements in OPEC+.

Reports have suggested that OPEC members and allies agreed January 5 to allow Russia and Kazakhstan to increase their output by a combined 75,000 bpd in February and a further 75,000 bpd in March.

Zanganeh said that the extra cut by Saudi Arabia had not been officially confirmed during the virtual ministerial meeting although he suggested it could be announced later on.