Code: 1231985 A

Iran may lose its share in China oil market: Official

The President of the Union of Exporters of Oil, Gas and Petrochemical Products believes that given sanctions on Russia, it is the best opportunity for Iran to revive the JCPOA and easily export 600,000 barrels of oil to Europe.

Iran may lose its share in China oil market: Official

Sayyed Hamid Hosseini said in remarks to ILNA that Iran should be aware that maybe in the near future its share in China's oil market will decrease.

Considering Russia’s oil and its Oil Company aren’t sanctioned and the U.S.  waivers to the Chinese in this regard, we can say that finally, Russia has taken our share.

Given Russia has a pipeline to China and has transferred some 1 million barrels of oil a day, the amount of Russia’s oil left without customers is that much but it will make a problem for market prices, he noted.

Underlining that sanctions on Russia can be a potential danger for Iran’s energy market, he added that it is the best opportunity for Iran to revive the JCPOA and easily export 600,000 barrels of oil to Europe.

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