Iranian Oil Minister Bijan Zanganeh frets over foreign manipulation in an eventual post-sanctions Iran. File photo by Maryam Rahmanian/UPI |
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TEHRAN, Aug. 26 (UPI) -- With Iranian sanctions set for U.S. congressional review, Iran's oil minister made it clear there will be no major foreign control over its reserves.
Republican leaders in the U.S. Congress are working to court their adversaries in the Democratic Party to move against the July deal reached between Iran, the five permanent members of the U.N. Security Council, plus Germany. Countering delicate partisanship that saw some key Democrats moving in opposition of President Barack Obama, Sen. Harry Reid, D-Nev., said he would "do everything" in his power to uphold the agreement.
Opponents said the nuclear agreement could spark an arms race in the region, though supporters singled it out as a victory for U.S. diplomacy.
Iran under the terms of the deal could see significant relief from sanctions targeting its energy sector. Already, several representatives from European energy companies have traveled to Tehran to review potential prospects in a post-sanctions Iran.
Iranian Oil Minister Bijan Zangeneh said he wouldn't allow foreign manipulation of the oil sector.
"We will allow neither the United States nor any other country to be in control of Iran's energy sector," he was quoted by the Oil Ministry's news website SHANA as saying.
His comments echo those made by Iranian Supreme Leader Ali Khamenei, who said last week there would be no U.S. foothold inside the country.
Iran said crude oil production for July was around 3.1 million barrels per day, an increase of six tenths of a percent from the previous month. Crude oil production in the pre-sanctions era was around 3.6 million bpd.
Crude oil exports, meanwhile, are limited to around 1 million barrels per day and to six nations under the terms of existing sanctions. Investment firm ING reported Iranian oil exports could spike "in theory" once sanctions pressure eases, though there are some technical and political obstacles.
Iran may need significant foreign investments as sanctions kept most major companies out of the country. Zanganeh has said there's been little domestic capital invested in the national oil sector.
Austrian energy company OMV was among the latest to express interest in Iran.
The July agreement offers the possibility for more investments in an Iranian energy sector in need of "billions of [dollars] in investments" and technology to boost oil production in a sustainable way.
OMV said there is a chance for it to succeed in Iran. "OMV has the technological capabilities," the spokesperson said in response emailed questions.
