Iran lights the spark in the oil sector

“The OPEC meeting is close, and we will not give up on the market share (of oil) that we won.” Said Ali Kardor, director of the state company NIOC, according to a report from the Iranian news agency Shana.

Iran has hit since the world lifted the economic embargo, the nail on the head of the World Organization of Petroleum Exporting Countries. It wants to recover the lost time -and money- and it will keep pumping.

It is a thesis the country does not plan to change until November 30 when representatives of OPEC meet again to administer the sacraments of world supply cuts.

Yesterday, shortly after Iran announced that it would not budge, OPEC officials approved a document outlining the long-term strategy of the exporting group in a sign that its members progress to eliminate differences on how and when to administer production levels, and ultimately, prices.

The approval of the document had repeatedly been postponed. Saudi Arabia, the de facto leader of the cartel, has said since late 2014 that oil prices should be determined by the market and that the cartel would not cut pumping to give space to producers who deal with higher costs.