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Iran Moves to Weaken Impact of Sanctions
Iran has undertaken measures to undermine the impact of sanctions slapped on its energy sector, a deputy chief of the National Development Fund said.

Mohammad Mazra’ati, who is the NDF's deputy chief for international and foreign investment affairs, said Iran is boosting its status in the oil market in view of the growing global demand for black gold.

He said Iran’s presence in the financial and energy markets has been weakened due to sanctions, adding: “By revising foreign policy, Iran’s role will definitely become more significant in different sectors.”

“The massive presence of foreign companies anew and the return of their investments will revive different sectors of the petroleum industry,” Mazra’ati said.

“Iran has always been an influential member of the Organization of the Petroleum Exporting Countries (OPEC) and has always been a reliable supplier of oil contributing to the oil market stability,” he added.

Mazra’ati predicted improvement in Europe’s economy within two years, saying demand for oil will not rise significantly in the short-term.

“In case of economic recovery, the annual oil demand in the world will go from 800,000 b/d to above 1 mb/d,” he stated.

“When demand for oil rises, supply will rise accordingly and then Iran will be able to find better markets and raise its production to an appropriate level. Everything depends on the relaxation of oil and banking sanctions,” he said.

Mazra’ati also said Petroleum Minister Bijan Namdar Zanganeh will be able to attract foreign investment in to Iran’s oil sector.

Sep 14, 2013 14:49
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