Iran Winning Back Oil Market Share: Rouhani

Iran Winning Back Oil Market Share: Rouhani

President Hassan Rouhani said that following securing of its nuclear rights, Iran is also regaining its share in the international crude oil market as it has increased export 400,000 barrels a day in the wake of removal of sanctions two months ago.

“Upholding of our rights was not limited to realization of the nuclear rights. Rather, we have to return to the role we used to have in the export of oil and we are step by step achieving it,” he told a press conference here on Sunday.

“Recovery of wells and exporting of oil take time. So far we have increased it 400,000 barrels a day which will be rising day by day,” he added.

The president also said that despite of plunging oil revenues from 120 billion dollars in 2011 down to 20 billion dollars this year, the government has succeeded to run the country with the cooperation of the nation.

“In the meantime, the value of national currency of a number of oil producing countries in the region was halved coupled with soaring inflation,” he added, “Whereas in Iran inflation is falling thanks to the people’s contribution to develop the country.”

Rouhani also referred to the positive developments following implementation of the nuclear Joint Comprehensive Plan of Action (JCPOA) saying that banking and insurance institutions are operating with the international system and the aviation industry will be upgraded too.

“We can authorize the nuclear negotiating team to talk with the world on other issues. We can definitely reach similar outcomes of JCPOA in those talks,” he said.

Date: 3/8/2016