High capacity of Iran forced US to retreat: MP
Vice-Chairman of Iranian Parliament's Energy Commission Hussein Amiri Khamkani says Iran's high capacity forced the US to retreat.
Khamkani said the US' conditions for Iranian oil buyers served as a justification to grant the exemptions.
He said that in the coming months, the oil producers cannot compensate for the lack of Iran's presence on the market.
He went on to say, 'The pressure from several oil buying countries forced Americans to grant an exemption. It was already evident that the consumer market and the demand side would protest such a policy.'
'We went back soon to the market after the sanctions of the previous period, and we took our share in the OPEC basket, so that our production exceeded 4 million barrels per day and our exports reached over two and a half million barrels. This has put its mark on the market and the market has stabilized.'
The MP, representing the city of Zarand in Parliament, said the world oil market has some problems: There is almost no hope for Venezuela's return to the oil market. Angola is the same, it cannot produce and cannot be effective in the market; Libya cannot yet return its production to its former state and its production is not normal, and so the country cannot be effective in the market.
Amiri Khamkani said, 'Trump hoped that excessive Saudi and Russian emergency capacity to affect the market, which the Saudi-Russian emergency oversupply is not so much. The extra capacity means that the producer has a full capacity to extract and produce, but produces a capacity under the quota.
Source: Islamic Republic News Agency - IRNA