Iran and Venezuela Ready to Support Global Oil Supply and Stabilize Prices

According to Iranian sources, Mohsen Khojasteh-Mehr, head of the National Iranian Oil Company (NIOC), said Iran is ready to supply oil to increase supply in the world market and stabilize prices.

Mehr said the Iranian government has made every effort to recover and increase the share of Iranian oil in the market. It is taking the necessary measures during and after the sanctions to bring Iran back to the world market.

Iran occupies a special position in supplying oil to world markets. European refiners are confident that Iran will be a sustainable energy supplier, and NIOC is ready to meet the needs of European and other companies. According to its own information, Iran is fully prepared to supply everything the market needs with Iranian oil.

Xinhua reported that Iran’s oil industry and oil exports have faced unilateral sanctions from the United States since the summer of 2018 after former U.S. President Trump withdrew the United States from the 2015 nuclear agreement and resumed sanctions against Iran.

Angel Rodriguez, chairman of the Venezuelan National Council’s Oil and Energy Committee, also said Venezuela could begin exporting oil to the United States and Europe in the middle of the year. But only if Venezuela’s oil trade sanctions are lifted.

The Venezuelan Petroleum Council said Friday (March 11) that Venezuelan oil production could increase by at least 400,000 barrels per day if the United States grants requests from partners of PDVSA, Venezuela’s national oil company, to trade crude oil.

Renaldo Quintero, president of the Venezuelan Petroleum Council, said OPEC member Venezuela’s oil production could rise to about 1.2 million bpd from an average of 755,000 bpd in January.

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