Iran's outgoing oil minister says OPEC can deal with return of Iranian crude: report

OPEC and its allies will handle the return of Iranian crude to the market "well," according to the country's outgoing oil minister, Bijan Zanganeh, oil ministry-run news service Shana reported July 4.

Zanganeh said the return of the OPEC member's oil will not harm the global market, Shana reported.

"I don't think anything will happen," Shana quoted Zanganeh as saying when asked whether the return of Iranian oil would shock the global market or lead to dramatic price declines. "OPEC is reasonable enough and OPEC+ cooperates with OPEC. And they are wise people and will certainly understand and digest Iran's return well."

Zanganeh is due to leave office Aug. 3 when president-elect Ebrahim Raisi is sworn in. The incumbent minister said he would share his knowledge and experience with his successor in the area of Iran's return to the market.

"I believe returning to the market and reclaiming the share is not a difficult job," Shana quoted Zanganeh as saying. "Of course, there will be a lot of pressure on the oil ministry and the minister... But anyone who takes the oil ministry's seat and asks for help, I will be at his service."

Zanganeh has repeatedly said he does not intend to take any state position in the next administration.

"In the previous government [of President Mahmoud Ahmadinejad from 2005-2013]... my plan was to avoid any cooperation and consultation because I didn't approve of them from the beginning," Zanganeh said, according to Shana.

Zanganeh also listed the top domestic priorities of the incoming administration.

"We should be very careful about public fuel needs [gasoline and gasoil] and natural gas supply in winter, both for this and next year," he said. "This is very important. In the oil sector, we have carried out many projects so that our oil production, after lifting sanctions, reaches pre-sanction levels in a short time. These projects should be pursued."

The next Iranian government, headed by the ultra-conservative cleric Raisi, will face extreme challenges, Zanganeh said, according to Shana.

"I think the country's conditions are extraordinarily difficult right now," he said. "Any government that takes office will face an extraordinarily difficult situation... I think there is no quick fix."