Iran Oil Minister Says Tehran Won’t Give Up Its Market Share

Iran will not give up its appropriate share of the global oil market, the Iranian oil minister was quoted by his ministry's news agency as saying on Tuesday.

He was commenting on the meeting of oil ministers of Saudi Arabia, Russia, Venezuela and Qatar in Doha earlier in the day, which agreed to freeze output at January levels provided other producers did so too.

"What is important is that first, the market is facing a surplus, and second, that Iran will not overlook its share," Bijan Zanganeh was quoted as saying by Shana.

Zanganeh also confirmed that his Venezuelan and Iraqi counterparts would visit Tehran on Wednesday to hold a trilateral meeting.

Since economic sanctions on Iran were removed last month, the country has been increasing oil exports to win back market share that it lost during the sanctions era.