Europe badly needs Iran oil at a time of soaring gas prices: Minister

Iran’s Oil Minister Javad Owji says Europe will badly need supplies of oil from Iran this winter as he insists skyrocketing prices of natural gas in the continent have already pushed many consumers to switch to crude-based fuels.

Owji said on Monday during a virtual meeting of the global OPEC+ oil producers that unit prices of natural gas had reached the equivalent of $400 per oil barrel in Europe, forcing many to think of using oil as a cheaper alternative.

“This is a reality that increasing gas prices in the European market is pushing consumers to use oil and oil products and it will be very likely that demand for crude oil will increase in the continent,” he was quoted as saying by the IRIB News.

Owji said that the global energy market is in dire need of increased oil and gas supplies from Iran as consumer nations are struggling to avoid a major fuel crisis over the winter.

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He said, however, that Iran will be fully ready to make those increased supplies available if the country is relieved of American sanctions.

“We are ready (to play) our role in the supply of crude and oil products and to help promote the global energy security without politicking and by avoiding any political use of energy,” the minister said.

Iranian crude oil exports to Europe stopped in 2018 after the US announced sanctions on the country following a political decision in Washington to unilaterally withdraw from an international deal on Iran’s nuclear program, which is technically known as the JCPOA.

Oil market analysts say a success in ongoing talks between Iran and world powers to revive the JCPOA can alleviate a global energy crisis caused by the coronavirus pandemic and worsened by the war in Ukraine.

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