U.S. to blame for tensions in oil market: Zanganeh

March 17, 2019

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh has blamed U.S. for the tensions created in the oil market, Shana reported on Saturday.

Speaking in a news conference on Saturday ahead of the inauguration of four development phases of South Pars gas field the official noted that the U.S. has caused tensions in the oil market for over a year now and they are responsible for it

“If this trend continues, the market will be tenser.” He added.

U.S. President Donald Trump has repeatedly tweeted about oil prices and the Organization of the Petroleum Exporting Countries (OPEC).

He has expressed concern about higher prices, including last month and ahead of OPEC’s meeting in December.

According to the Iranian minister, the country has invested $11 billion to complete the phases 13 and 22-24 of the giant field, which Iran shares with Qatar in the Persian Gulf.

As reported by Shana, the giant gas fields 27 phases are expected to go operational by next March.

France’s Total suspended investment in phase 11 of South Pars last year after the United States threatened to impose sanctions on companies that do business in Iran and now talks with China National Petroleum Corp (CNPC) are underway to replace the French company.

“Negotiations are ongoing. A senior delegation from China is due to come to Iran for talks. They have promised to come to Iran soon,” ISNA quoted Zanganeh as saying. 

EF/MA

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