TEHRAN, Feb 16: Iranian Oil Minister Bijan Namdar-Zangeneh on Saturday condemned US oil restrictions imposed on his country, saying they threatened the supply to the world market.

Unfortunately Iran, an important country in the Middle East and a world energy supplier, is confronted by multiple restrictions from the United States, the minister said in Teheran at the opening of an energy conference, citing in particular the transfer of financial and technology resources.

Calling these restrictions “contrary to the law of the market,” Zangeneh said every restriction on the transfer of capital or of know-how constitutes a threat to the world supply of energy products.

The United States declared in 1980 a series of economic sanctions against Iran regarding the transfer of high technology, extended in 1995 to cover the oil industry.

Zangeneh renewed pleas for cooperation between producer and consumer countries, adding that Iran hoped to develop its petroleum, gas and, above all, its petrochemical industry.

The transportation of natural gas to neighbouring countries via pipelines and of liquefied gas to distant countries is a priority in our energy strategy, he told around 100 oil company representatives from some 20 countries, including the United States.

Zangeneh also underlined his country’s willingness to ensure price stability. Iran is Opec’s number-two exporter, producing 3.186 million barrels per day (bpd).

Since January 1, the country has reduced production by 10 per cent, in line with Opec’s decision to cut output by 1.5 million bpd.

At the same conference, Iran’s vice foreign minister for economic affairs, Mohammad-Hossein Adeli, called on non-Opec members to cooperate more with the cartel.

The non-Opec producing countries and new ones like Russia and the central Asian republics are facing very difficult conditions and must coordinate their situations with a view toward collaboration with Opec, Adeli said.—AFP