Oil Minister Dismisses Concerns over Possible US Deals with Tehran’s Customers

Oil minister said there is no need for concern that the United States, after gaining control of Venezuelan oil, could strike deals with Iran’s long-standing oil customers such as China.

“We know how to do our job, and there is no need to worry about these issues,” Oil Minister Mohsen Paknejad said, responding to such concerns.

Paknejad also addressed speculation that US control over Venezuelan oil could push down global oil prices, raising fears that Iran’s oil export prices might fall below budgeted levels. He said the oil market is dynamic and constantly changing.

He noted that benchmark prices — the international indices used as pricing bases — are beyond Iran’s control and are influenced by external variables.

Paknejad added that Iran’s ability to manage changes and coordinate with end buyers depends on negotiations that take into account operating costs, market supply conditions and seasonal demand.

He emphasized that multiple indicators influence oil pricing and said Iran’s professional teams carefully consider these factors to secure the best possible final sale price.

According to ILNA, Paknejad reiterated that concerns about potential US deals with Iran’s regular oil customers are unfounded, stressing that Iran is capable of managing its oil sales independently. - Shana