Economy & PoliticoUncategorized

good news iran: Global oil market needs Iran oil supply: minister

Owji made the remark after the 25th OPEC and Non-OPEC Ministerial Meeting held via video conference on Wednesday, according to the news service of the oil ministry SHANA.

He added, today OPEC+ agreed to continue with an increase of 400,000 bpd in crude oil output for March 2022.

Given the JMMC’s reports as well as the analyses of the world economic outlook and global oil supply-demand drivers in 2022, all OPEC+ member states reached a consensus on raising crude oil production by 400,000 bpd in March, he said.

OPEC+ also emphasized constant and regular monitoring of the market developments and taking necessary measures to maintain the stability in the oil market, he stated, adding all member countries will continue their collective efforts to safeguard the achievements of their agreement.

On the current condition of the oil market, Owji said recent data and reports show that the global oil market is moving towards balance and stability despite concerns over the outbreaks of Omicron variant, thanks to the improved economic indicators in the world, particularly in leading oil-consuming countries, as well as the appropriate OPEC+ member states’ compliance which reached 122 percent in November.

OPEC+ member states are also pleased with the current condition and all producers try to maintain the existing stability in the oil market, he added.

On the forecast by some international institutions estimating oil prices will rise to $100 a barrel, he said, “Basically, OPEC’s objective is not determining prices in the oil market. Global oil prices are determined by a set of supply-demand indicators and all OPEC+ member countries seek a fair price for producers, consumers, and the global economy. OPEC+ producers are satisfied with the relative stability in the market and will continue their efforts and commitment to maintain and strengthen it.”

However, if the world’s consumers, especially major economies, are dissatisfied with the current oil prices and supply levels and see it against their interests, I suggest that they lift the US unilateral and cruel sanctions against Iran as soon as possible and make the ground for Iran to return to the global oil market with maximum capacity, he noted.

World oil market undoubtedly needs a rise in Iran’s oil supply and we are prepared to swiftly increase our supply to the market, Owji said, adding as I mentioned before, the energy and gas crisis in Europe is a serious problem that cannot be solved without interaction and cooperation among major hydrocarbon producers and the Islamic Republic of Iran, one of the world’s largest oil and gas producers, is prepared to take action in this regard, relying on its huge hydrocarbon resources and production capacity.



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