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Iran opens int'l oil exhibition

Xinhua, May 6, 2015 Adjust font size:

Iran opened its international oil exhibition in the capital of Tehran on Wednesday to attract world's investors in its energy sector.

Hundreds of energy companies from 29 countries, including Iranian firms, have participated in the 20th International Oil, Gas, Refining and Petrochemical Exhibition.

"Oil producing countries should open space in the global market for Iran to regain its share of the crude oil exports," Iran's Oil Minister Bijan Zangeneh said Wednesday on the sidelines of the exhibition.

The world oil market is for all and the crude producing countries should consider Iran's entry into the market since Iran's oil exports have dropped by 60 percent because of "unfair sanctions," he added.

Iran's economy relies partially on oil exports. In addition to the losses incurred from slumping oil prices, Iran's crude exports have fallen 60 percent over the past years, reaching one million barrels per day, due to Western sanctions on its energy and financial sectors.

Iran has criticized a few oil exporting countries for flooding the market with crude products. Endit