Iran plans to reduce oil prices to compete with other oil producers in the Asian Market, according to an Iranian National Petrol Company official Sunday.
'In order to compete with other countries, Iran will reduce oil prices across the country,' said Iranian National Petrol Company, IRNA, International Relations Director Seyyid Muhsin Kemser.
He said that Iran's national oil company aims to increase its market share in the international area, particularly in Asia.
In order to reach this goal, Iran needs to reduce crude oil prices. Kemseri said that the country aims to reduce crude oil prices just like Saudi Arabia did previously for Asian markets.
'It is so natural for Iran to reduce crude oil prices in order to compete in the Asian Market after Saudi Arabia's action,' he emphasized. He added as competitiveness in the Asian Market is very high, Saudi Arabia's decision to reduce oil prices is correct.
Saudi Arabia is the highest crude oil exporters to the four biggest Asian economies - China, India, Japan and South Korea; Kuwait, Iran and Iraq are also other big oil exporters to the big four Asian countries.
Prior to IRNA's official statement, Iran's Oil Minister Bijan Namdar Zangeneh told Iran's semi-official Fars News Agency on Thursday that there is a political game being played behind the falling oil prices, but did not name any actors or countries involved.
Reporting By Affan Eren Kulunyar and Writing By Gulsen Cagatay
Anadolu Agency
gulsen.cagatay@aa.com.tr