Iran ready to compensate for reduced Iraqi oil exports

Iran is ready to compensate for any possible disruption to Iraqi oil exports as a result of security problems, Al-Sharq news website has claimed.

An assistant to Iran’s minister of oil said on Saturday that his country has been able to produce 2.4 million barrels a day and could meet market needs in the event of any shortage in supply. Ali Majidi stressed that Iran is trying to get its share of the global energy market, adding, “The world must realise that Iran is the most stable and secure energy production source in the region.”

Majidi’s comments come after the so-called “Islamic Caliphate of ISIS” took control of areas in the west and north-west of Iraq, sparking concerns that it could control vital oil fields and stop exports.