The Ministry of energy of the Russian Federation: Iran is expedient to gradually enter the oil market

The Ministry of energy of the Russian Federation: Iran is expedient to gradually enter the oil market


MOSCOW, February 17. Iran is expedient to gradually enter the oil market, maximizing revenue at every stage, said Deputy Minister of energy of Russia Kirill Molodtsov.

“Iran may be two strategies. First – as now to fill the market and get how can, this is a realistic strategy in that case, if they have no money. And the money they have, about $100 billion is a substantial figure, which they thawed. The second strategy is the possibility to enter the market, respectively, maximization of profit on each ton. In their place we need to implement this strategy, then we can talk about the quantity of regulation of the market,” he said.

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Molodtsov noted that Iran should listen to the opinions of other market participants. “They must first hear what they were offered. A parity the price of oil is above $40,” said Molodtsov.

On 17 February in Tehran began quadripartite talks between the Ministers of oil of Iran of Bijan Namdar Zanganeh, Minister of petroleum and mines of Venezuela, Eulogio del Pino, oil Minister of Iraq Adel Abdel Mahdi, and Minister of energy and industry of Qatar Mohammed al-Garden, which will discuss the possibility of freezing the oil.

On the eve of the Russia, Saudi Arabia, Qatar and Venezuela following talks in Doha said that they are ready to save, on average, in 2016 oil production at the level of January 2016, if other countries-oil producers will join this initiative.

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Iran will not renounce its quota in the oil market

As expected, Iran will be offered special conditions for the extraction of oil due to the fact that the sanctions, imposed on Iranian oil exports and payments for it were dropped on 16 January. Iran insists on rebuilding its desanctions market share.

In 2011, Iran produced 3.6 million barrels of oil per day, was the second producer in OPEC. And daily exports averaged 2.5 million barrels. After the imposition of sanctions in 2012, the production dropped to 2.7 million, the lowest level in the preceding 25 years. In 2015 the country daily produced an average of 2.8 million barrels. Its export quota in OPEC during the years of sanctions did not exceed 1 million barrels per day.

According to that led by the first Vice-President of Iran, Eshaq Jahangiri, at the present time, oil exports reached 1.3 million barrels per day, “and in March it will be already 1.5 million”.

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Oil prices over 40 years

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