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Iranian oil minister: 'Others' should be worried about oil prices

Iran's oil minister has said the ministry would welcome an emergency OPEC meeting, but that Iran will not limit its oil production to retain its share of the oil market.
Iran's Oil Minister Bijan Namdar Zanganeh attends the 135th meeting of the Organisation of Petroleum Countries (OPEC) conference in Isfahan in central Iran, 340km (211 miles) south of the capital Tehran March 16, 2005. OPEC will add an actual volume of 500,000 barrels per day to the market in April, OPEC President and Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said on Wednesday. REUTERS/Raheb Homavandi  CJF/VP - RTR55ZM
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Iran’s Oil Minister Bijan Namdar Zanganeh spoke to Iranian television the night of Aug. 26 about the importance of not losing the country’s share of the oil market given the price drop and a new arrangement that will force investors to work with Iranian companies in the country's outdated oil industry.

“With all of our strength we have to put the oppressive [sanctions] on us to the side because protecting Iran’s share in OPEC and the world markets is our vital parameter,” said Zanganeh, adding, “If our exports double and the price drops in half, we don’t have a problem because we’re accustomed to living and resistance with low prices, and it is others who should be worried.” 

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