Politicization of oil market, harmful to consumers, producers: Iran

SHANA– Iranian Minister of Petroleum Bijan Zangeneh said, “The politicization of the oil market harms the consumers as well as producers of this strategic item.”

According to IRNA, the official who was speaking on the sidelines of the 16th International Energy Forum (IEF) in New Delhi on Wednesday, said the gathering was primarily focused on the upcoming challenges of oil and gas supply in the world.

“Iran’s view is that although the role of oil will diminish in the future, it will continue to play its role in global markets, and the world’s nations will need oil by at least 2040,” he said. “Therefore, this area still needs investment.”

The official said, “The oil market should be non-politicized and gas should signify in global markets. Politicization of the oil market will harm oil consumers as well as oil producers because the market is an interconnected set and damage to a country would mean damage to other countries.”

Referring to the Iran-India relations in the area of energy and issues between the two countries regarding Farzad B gas project, Mr. Zangeneh said: “After the visit of Dr. Hassan Rouhani to India, relations between the two countries have improved day by day.”

“The prospect of Iran-India cooperation in the field of energy is very positive and the two countries in the field of development of the Farzad B gas field have also made great progress,” the official added.

Speaking of a meeting with his Indian opposite number Dharmendra Pradhan, Zangeneh said, during the meeting, Indian and Iranian firms were asked to finalize the main issues surrounding Farzad B gas field’s development plan in a matter of two months.

He said such issues as providing the field’s master development plan and the project’s timetable need to be finalized between the two countries before the 400-page agreement between them can be implemented.