14:43 GMT16 July 2020
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    Iran is planning to drop its oil price in the Asian markets with an aim of competing with Saudi Arabia and other producers to increase its market share.

    Amid global decline in oil prices, oil exporting countries are offering discounts in order to maintain the market share in the global arena.

    Iran is planning to drop its oil price in the Asian markets with an aim of competing with Saudi Arabia and other producers to increase its market share.

    Iranian Air Force Commander announced on Tuesday that the country is optimizing hi-tech weapons systems.
    © AP Photo / Jamejam Online, Azin Haghighi
    As for the drop in Saudi oil price, Saudi Arabia holds five markets in its possession for selling crude oil and it has increased its oil price in the four markets of Europe, Africa, the US and North Europe and has reduced only in one market.

    Mohsen Qamsari, Manager of International Relations of National Iranian Oil Company (NIOC) said Iran is intending to drop its crude oil price in the market and increase its market share.

    Asked if the drop in Saudi oil price in the Asian market was to put Iran under pressure, Qamsari said: “It is not the subject of dealing blows on Iran; currently competition is so right in the Asian market and the US, South America, Venezuela and even Russia are present in the Asian market. Therefore, competition is so tight and it looks logical if Saudi Arabia drops its oil price in order to gain its share,” reports the Iranian news agency.

    In reply to a question whether Iran will drop its oil price in the Asian markets like Saudi Arabia, he said, “Finally we should compete and Iran will reduce its price formula,” reported the Iranian news agency.

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    Tags:
    crude, oil production, Iran, Saudi Arabia
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