Iran's political play with the oil giants
Source: Aljazeera
Recent overtures to OPEC cartel, including rival Saudi Arabia, seen as an attempt to revitalise its oil sector.
Iran's willingness to negotiate with Saudi Arabia and other OPEC members over the global oil glut reflects its desire to hike prices soon in order to revamp its oil sector, which was crippled for years by international sanctions over its nuclear programme, analysts say.
Iran will load four million barrels of crude oil on tankers destined for Europe in the coming 24 hours, a senior official was quoted as saying on Saturday.
The oil was purchased by companies in Russia, France and Spain.
"Iran must preserve its share of the global oil market," Vice President Eshaq Jahangiri told the Shana news agency.
Oil Minister Bijan Zangeneh said this week his country was ready for dialogue with Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) on the oversupply of oil in the international market - and its debilitating price slump.
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