Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, helped by securing more tankers through a temporary shipping insurance fix.
Iran is ramping up its energy industry after international sanctions restricting its access to financing and global oil markets were lifted in January. Since then, the country has boosted oil output to near pre-sanctions levels and raised natural gas production at the South Pars gas field on the Gulf coast.
“We need contracts, tenders and technology,” he said, describing Iran as a “garden” in need of nourishment. “Money for the Iranian economy is like water.”