Iran needs to regain oil market share, vice-president says

Iran needs to regain its share of the global oil market, lost during the years when it was subject to international sanctions, in order to use petrodollars to develop the country, Vice President Eshaq Jahangiri said on Monday.

“You see how some neighbors have developed in recent years, for example Iraq managed to bring its production above 4 million barrels per day…We should not let the country lag behind because of irresponsible people,” he said.

Jahangiri, speaking at an oil industry conference, also said Iran would soon end gasoline imports as new domestic refineries went onstream in coming months.

By Reuters