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Iran is determined to develop the oil industry with a view to regaining the global oil market share

Iranian Petroleum Minister Bijan Namdar Zangeneh said on the 11th that despite the sanctions imposed by the United States, Iran is determined to develop the oil industry with a view to regaining the global oil market share one day. Zangeneh said in a televised speech that day that Iran will not succumb under any circumstances. "We must enhance our capabilities so that we can go all out (the oil market) if necessary and regain our market share."

After Zangeneh's speech, that day, the Iranian National Petroleum Corporation and the Iranian company Persian Oil and Gas Industry Development Corporation signed a $294 million contract to jointly develop the Yalan United Oilfield in Khuzestan Province, southwestern Iran. The Shana News Agency, which is affiliated with the Iranian Ministry of Petroleum, reported that the new contract aims to produce 39.5 million barrels of crude oil in the Yalan United Oilfield in the next 10 years. According to the contract, the two parties will develop 6 new oil wells, 3 in North Yalan Oilfield, and 3 in South Yalan Oilfield. Zangeneh told reporters after the signing ceremony: "The message from the contract is that we are firm and do not give up."

The United States withdrew from the Iranian nuclear comprehensive agreement in 2018, and then resumed and added a series of economic and financial sanctions against Iran in an attempt to block Iranian crude oil exports. Due to US sanctions, a large number of buyers gave up buying crude oil from Iran, exacerbating Iran's economic difficulties. Reuters reported that Iran's current average daily output of crude oil has been cut by nearly half to about 2 million barrels. Affected by the US sanctions, the average daily export volume of Iranian crude oil fell from more than 2.5 million barrels in April 2018 to about 100,000 to 200,000 barrels.

The Ambassador of the Islamic Republic of Iran to Belarus, Saeed Yari, said in early February that Iran was ready to negotiate crude oil supply with Belarus. If the Belarusian side is willing to purchase oil from Iran, the Iranian side will offer affordable prices, which may even be lower than the global average price of crude oil.