Iran ready to compensate oil undersupply

TEHRAN June 29 (Shana)–Iran can supply enough crude oil to compensate for any shortages in the market, a deputy petroleum minister said.

 “In case of crude oil supply slump in the world markets, Iran will be ready to make up for this shortage in three months,” Rokneddin Javadi, who is also managing-director of National Iranian Oil Company (NIOC), said.

He also said that Iran is trying to raise its crude oil exports, regardless of Western sanctions.
Javadi said Iran’s exports declined to 800,000 b/d a year ago due to international sanctions.
He added that the country’s oil exports have reached an acceptable level now.
Javadi said Iran’s petroleum industry is optimistic about the return of foreign companies into Iran.
“Iran holds the world’s first gas and the third oil reserves in the world. That is why foreign companies have voiced their readiness for investment in Iran in order to diversity their sources of energy supply,” he said.
Javadi said new oil and gas fields have been found in Iran, but more tests are still needed before any official announcement.
“Preliminary studies indicate that we will make new oil and gas discoveries in Iran in the near future,” he said.



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