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Weapons of Mass Destruction (WMD)

Sanctions against Iran's oil sector "impossible"

IRNA - Islamic Republic News Agency

London, Dec 19, IRNA
Iran-Oil
A top Iranian Oil Ministry official said any sanction against the country's oil industry would be "impossible" as Iran occupies a "special status" in the global trade of the black gold.

"We are the world's third largest exporter and the fourth largest producer of oil. During the past 30 years [after the 1979 Islamic Revolution], it has been proved to us that removing a country as Iran from the international transaction of the crude oil is impossible," Hojjatollah Ghanimifard told IRNA.

The deputy head of the National Iranian Oil Company added that the Iranian oil industry has now mastered the required financial and technological know-how to run the lucrative business in global markets.

"We are however ready to come in association with whichever country willing to cooperate with us in our oil and gas projects," he said.

Referring to the upcoming London Energy Meeting to start on Friday, Ghanimifard said the ongoing economic crisis in the West has affected both the producers and consumers of oil.

Iranian Oil Minister Gholamhossein Nozari is among those invited to the London Energy Meeting to be held on December 19.

OPEC ministers announced in Algeria on Wednesday the group's biggest ever oil production cut in an attempt to stop a collapse in oil prices.

Members of the Organization of the Petroleum Exporting Countries want to halt a fall in the oil market that has plunged more 70 percent since July.

They agreed to cut production to 2.2 million barrels per day.

Ghanimifard said instability in the oil market is partly related to the lack of investment in the upstream and downstream oil and gas sectors.

Ghanimifard hoped the London meeting, if treated non-politically, would bring about proper solutions to future financial problems.

"I hope representatives of other countries could reach a consensus on the price of oil; otherwise, the low oil price will endure only for a short time," he said.

Ghanimifard predicted that the price of oil would stop declining despite unstable markets.

He said changes in the price of oil are inevitable in the advent of the New Year, adding that the current low price of oil will definitely have negative impacts on more investments in the oil sector and lead to more economic recession particularly in consumer countries.

"In the other hand, low price of oil in the global level can impede rapid economic growth rate of countries like China," he said.

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