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June 2019, No. 91


Oil & Gas

Iran Oil S how 2019


“The fragility of the oil market could not be compensated for by speeches and showmanship and creating psychological atmosphere,” Zangeneh said.


The 24th Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2019) kicked off at Tehran Permanent International Fairground (May 1-4) hosting some 1,150 domestic and foreign companies from 21 countries including Azerbaijan, Spain, Germany, Britain, Italy, Turkey, China, Russia, the Netherlands, Ukraine, etc.

Iranian Oil Minister Bijan Namdar Zangeneh, several senior directors of Iran’s oil, gas, petrochemical and refining sectors, members of the Iranian Parliament, and representatives of renowned domestic and foreign companies were present in the inaugural ceremony of the international event.

According to the director of National Iranian Oil Company (NIOC) public relations office, which was in charge of organizing the event, although this year the number of foreign participants has decreased due to the US sanctions, still many countries are interested in Iran’s lucrative oil industry and market.

“This year the main focus of the exhibition is on developing domestic production and empowering domestic companies,” Mohammad Naseri said.

US Statements Cannot Run Oil Market

Zangeneh said the oil market could not be managed by mere US statements.

Addressing a press conference on the sidelines of Iran Oil Show 2019, he said, “Global affairs are not as easy as thought by the US and its instigators. The oil market could not be controlled by mere statements.”

“The fragility of the oil market could not be compensated for by speeches and showmanship and creating psychological atmosphere,” he added.

“The market conditions remain fragile at any moment due to tensions that are likely to transpire in countries like Libya and everywhere else as well as unpredictable tumults.”

Zangeneh also said US OPEC allies had been “overstating their spare capacity” in claiming that they would supply enough oil on the market once Iran’s oil has been driven out of the market under US sanctions.

He reiterated that the US attempt to bring Iran’s oil exports to “zero” is a delusion.

“Every independent commentator in the market knows quite well that the spare capacities announced by certain states are just overstatement and exaggeration.”

He said Iran would never resort to oil as a “political tool,” adding, “anyone using oil as a political tool will have to assume the consequence.

“Using oil as a weapon against two founding members of OPEC (Iran and Venezuela) will transform the unity in this organization into division and spell the demise and collapse of OPEC. They have to accept responsibility for such things.

“Under the present circumstances, Iran’s petroleum industry is at the receiving end of the US economic aggression against the Iranian nation.”

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas reserves in the world. Every year, the country hosts an international oil show in different oil, gas, refining and petrochemical sectors.

 

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  June 2019
No. 91