Iran’s new oil minister, Bijan Namdar Zanganeh, has warned foreign producers that they will face lower prices if they do not give up Iran’s share of the oil export market that they have gained as a result of EU and US sanctions. “We say to those that have replaced us in the world oil markets that when we want to return to these markets, they either have to face lower oil prices or be content with what they have benefited from until now and reduce their production so that enough space is created for Iranian crude,” he says. EU and US sanctions have cut Iran’s oil export market share by around 1mn b/d
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