Iranian gas
Iranian gasiStock

Iran is considering the possibility of exporting gas to Europe, an oil ministry official said on Sunday, against the backdrop of soaring energy prices due to Russia's war in Ukraine.

"Iran is studying this subject but we have not reached a conclusion yet," deputy oil minister Majid Chegeni was quoted as saying, according to AFP.

"Iran is always after the development of energy diplomacy and expansion of the market," he added.

Though Iran boasts one of the world's largest proven gas reserves, its industry has been hit by US sanctions that were reimposed in 2018 when Washington withdrew from the 2015 nuclear deal between Tehran and world powers.

Iran has gradually scaled back its compliance with the 2015 deal, in response to former US President Donald Trump’s withdrawal from the agreement , but has held several rounds of indirect talks with the US on a return to the agreement.

The talks nearly reached completion in March but have been on pause since amid outstanding issues.

Russia's invasion of Ukraine in February sent global oil and gas prices soaring, with many European countries dependent on energy imports from Russia.

The situation worsened Wednesday when Kyiv said Russia had halted gas supplies through a key transit hub in the east of the Ukraine, fuelling fears Moscow's invasion could worsen an energy crisis in Europe.