Iran willing to start oil price war to win back market share

Iran wants to boost oil production by 70% in an effort to retake its place as OPEC’s second-largest producer and is willing to start an oil price war to win back market share lost through sanctions.

Iran's state-run oil company is bullish about its ability to actually raise production, and the new oil minister - who served in the role from 1997 to 2005 - is welcomed as a respected figure who will remove politics from production.

Raising production likely would require the return of western oil majors Statoil (STO), Total (TOT) or Eni (E) that quit Iran when sanctions hit.

Also: A gap in U.S. law has allowed China to import nearly $500M of additional oil products from Iran this year while avoiding sanctions.


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Comments (5)
  • Philip Marlowe
    , contributor
    Comments (1571) | Send Message
    Now that is one war I can wholeheartedly support.
    21 Aug 2013, 06:22 PM Reply Like
  • ECapo
    , contributor
    Comments (732) | Send Message
    yea the embargo is really working...not...
    22 Aug 2013, 09:47 AM Reply Like
  • Veritas1010
    , contributor
    Comments (3173) | Send Message
    Nothing like a gap big enough to drive an oil tanker through.


    For our 'friends' in the "People's Paradise" exceptions to international law are just a wink-n-nod away!
    21 Aug 2013, 08:01 PM Reply Like
  • Hendershott
    , contributor
    Comments (1752) | Send Message
    Really interesting development. India has been willing to take oil from Iran, $500M from China is really hardly anything. If they really want a price war and can figure out how to get the stuff to market, they'll have to face the Saudi's, who have the capacity to bury everyone and have done so before. They might also get some opposition from their buddies, the Shiite government in Iraq and their Venezuelan friends. So, the US floods the world with distillates, Iran starts a price war in OPEC. could be fun, except for the exploration and production companies.
    21 Aug 2013, 10:01 PM Reply Like
  • Brian Langis
    , contributor
    Comments (508) | Send Message
    That's a big gap!
    22 Aug 2013, 07:26 AM Reply Like
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