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    General view of part of the Tehran's oil refinery south of the capital Tehran, Iran

    Demand for Iranian Oil to Continue to Increase Gradually - Official

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    According to the former International Energy Agency's Head Nobuo Tanaka, the demand for Iranian oil will continue to increase gradually.

    ST. PETERSBURG (Sputnik) — The demand for Iranian oil will continue to increase gradually, former International Energy Agency's Head Nobuo Tanaka told Sputnik Thursday.

    "Iranian oil will continue to growing. It is obvious that with sanctions lifted so the production will increase the demand for Iranian oil will increase gradually. It is already coming close to the level before the sanctions, and it will continue," Tanaka said.

    In January, the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic republic after the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached last July. The lifting of sanctions allowed Iranian oil producers to re-enter the global market.

    The 2016 St. Petersburg International Economic Forum (SPIEF) is taking place on June 16-18. The agenda for SPIEF 2016, which is held at a new venue for the first time in 20 years — at the ExpoForum Convention and Exhibition Centre — includes business forums of the Shanghai Cooperation Organization, BRICS, and the Business 20.

    According to the organizing committee, the number of contracts at SPIEF is expected to be not less than in 2015 when the total volume of agreements reached 293 billion rubles ($4.4 billion). Russian presidential aide Yury Ushakov said on Tuesday that the number of SPIEF participants would exceed 10,000 this year, compared to 7,500 in 2015.

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    Tags:
    Oil, demand, International Energy Agency (IEA), Iran
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