Iranian oil sanctions imposed to capture market for US shale: Zanganeh

MNA – Iranian oil minister Bijan Namdar Zanganeh said on Monday that “with no doubt, one of the main reasons for the US to impose sanctions on Iranian and Venezuelan oil is supplying market for American shale.”

“The US seeks market for shale at the prices that can justify the made investments,” Zanganeh said.

“Americans added 1.5 million barrels to their production level in 2018-2019 and sold them at higher prices than $60,” he said, “The US could easily dominate the market by crossing out Iran and Venezuela.”

“The issue was not only a political but an economic one which was implemented by bulling behaviors,” the minister added.

On December 5, Zangeneh said he and his team would never give up on the Iranian nation’s rights regarding the country’s share of oil sales in the global market.

He said, “Currently, our oil has been driven out of the market and those who have more output must undergo deeper cuts in the future.”

“No one must expect Iran to reduce its output in the wake of eased sanctions in the future.”