The chairman of the Russian-Iranian Business Council at the Russian Chamber of Commerce and Industry said that Iran will become a serious competitor to Russia in the European oil market.
MOSCOW (Sputnik) Iran will become a serious competitor toRussia inthe European oil market, the chairman ofthe Russian-Iranian Business Council atthe Russian Chamber ofCommerce and Industry said Tuesday.
"As forthe Russian-European relations, Iran will be a strong competitor [to Russia] inthe hydrocarbons market. It's oil net cost is 2-2.5 times lower than [the cost ofoil produced] inthe European part ofour country," Viktor Melnikov said.
According toMelnikov, Iran has already reached an agreement onoil deliveries toEurope.
On January 16, the International Atomic Energy Agency verified Tehrans compliance witha nuclear agreement reached inJuly 2015, opening the way forIran's return tothe global energy market.
Back inDecember, Iranian Petroleum Minister Bijan Zangeneh said that Iran would be able toexport oil even if prices fall below $30 per barrel afterits return tothe market. The minister claimed that daily oil production inIran would reach one million barrels ina few months afterfinancial and trade sanctions againstTehran are lifted.