TEHRAN - Iran will sell oil under the market price to counter EU oil sanctions, said the National Iranian Oil Company’s director for international affairs.

 

Mohsen Qamsari added that certain U.S. companies were seeking an increase in global price of oil to make domestic unconventional extraction more competitive; he placed the price of oil in the U.S. by such methods at $90 a barrel. 

 

“While the U.S. is trying to keep oil prices high, Iran can push aside many of its rivals in the international market by supplying cheaper oil,” Qamsari told the Mehr News Agency.

 

He said that profiteering dealers welcome high oil prices, adding that Iran will support low oil prices. 

 

“I do not believe in circumventing oil sanctions. We should counter the sanctions,” he said.

 

The EU agreed in January to implement a full oil embargo on Iranian crude oil exports by July 1 in response to its nuclear program. But as a concession to Greece in particular, it agreed to hold a review of the effect of a full embargo by May 1.

 

Earlier this month, Iran and the major powers (the fiver permanent members of the UN Security Council and Germany) returned to the negotiating table on Tehran’s nuclear program for the first time since January 2011. The two sides have agreed to meet again in Baghdad on May 23. 

 

Iranian Oil Minister Qasemi said recently that while Iran has cut sales to Britain and France, it continues selling crude to "other countries" in the world. 

 

However, Qasemi said that if sanctions imposed by the 27-nation bloc were not lifted by the next round of nuclear talks, then "we will surely cut oil to Europe."