8 March 2022 - 15:54
  • News Code: 454490
Rising oil prices, Chance for Iran to retake Market Share

TEHRAN (Shana) -- The chairman of the board of the Iranian Oil, Gas and Petrochemical Union believes that the increase in energy prices could provide a great opportunity for Iran to return to world oil markets.

Hamid Hosseini said: "As one of the largest holders of oil and gas reserves in the world, we will undoubtedly benefit from increasing prices.”

"Apart from rising energy prices, food prices are also rising," he said. “As Russia and Ukraine are key producers of grain and staple commodities, the ongoing tensions between them can be detrimental to us.”

Asked where the optimal point of production and oil price is in the market, Hosseini said: "The global oil market is in short supply after the relative decline of the coronavirus, and despite the fact that OPEC+ has been increasing its output by 400,000 barrels per month for the past few months, the market is still in short supply, with prices rising before the Ukraine crisis.

News Code 454490


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