Zarif: Oil prices should ‘Adjust’ as Iran returns to energy market

Tehran believes oil prices should adjust after Iran returns to the energy market after the lifting of sanctions, Iranian Foreign Minister Javad Zarif told Sputnik on Thursday.

DAVOS (Sputnik) — The United Nations, the European Union and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified late on Saturday Tehran’s compliance with the nuclear agreement reached last July.

The lifting of sanctions allows Iranian oil producers to re-enter the market.

“I believe we have a share in the market which was removed from us. Now we have to return our share and the market has to adjust,” Zarif said.

Iranian oil exports are expected to add 600,000 barrels a day to the global market by the middle of the year, according to the International Energy Agency.

By Sputnik News

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