Iran has revealed its oil prices for European buyers for the first time since sanctions were lifted against the Middle East country, Bloomberg informed. Iran Heavy, one of the country’s main export grades, will cost $1.25 a barrel, which is less than Saudi Arabia’s most similar crude, according to the two nations’ state oil companies’ data. This will be the deepest discount against the Saudi grade offered since June 2014. In Asia, having tracked Saudi prices since at least 2006, Iran is also giving deeper discounts for the grade.

Given the current situation, Qamar Energy CEO, Robin Mills, said that “Iran is going to have to price aggressively until they can get themselves established once again in the market. They are trying to add a lot of supply to the market in a short time.

”

Meanwhile, National Iranian Drilling Company’s (NIDC) MD, Heydar Bahmani, informed that Iran had held talks with more than 30 European and Asian oil delegations about the drilling industry and the use of technologies, with an attempt to expand cooperation with the world’s prominent oil companies in joint activities in oil and gas drilling projects, the Mehr News Agency wrote.

Iran, the fifth-largest producer in the Organization of Petroleum Exporting Countries has said it will boost production and exports by 1mb/d this year. It is also preparing to introduce a new heavy grade as it adds output.

In January 2016, economic sanctions on Iran were removed after the International Atomic Energy Agency (IAEA) declared that Tehran had constrained its nuclear program. The declaration about the lifting of sanctions was signed in July 2015, and it was laid out by the US and the five permanent members of the United Nations Security Council.