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  • Owji: Iran Will Continue Constructive Interactions with OPEC

Owji: Iran Will Continue Constructive Interactions with OPEC

Iran, as a founding member of OPEC, would definitely continue its constructive interaction with the OPEC and would effectively support our new Secretary General as well as the OPEC Secretariat, Iranian Petroleum Minister said on Wednesday.

Javad Owji made the remark on the 31st OPEC and Non-OPEC Ministerial Meeting held via video conference on Wednesday, August 3, 2022 while honoring the memory of Mohammad Sanusi Barkindo, the former Secretary General of OPEC and welcoming Haitham Al Ghais, the new Secretary General.

“I received the very sad news of the passing away of His Excellency Mohammad Sanusi Barkindo, our Distinguished OPEC Secretary General. On behalf of the

Government and people of Islamic Republic of Iran, I would like to express my heartfelt condolences to Your Excellencies, particularly His Excellency Timipre Sylva, Minister of State for Petroleum Resources, Distinguished Government and Great People of Nigeria and the esteemed Staff of the OPEC Secretariat,” he said.

“Undoubtedly, His Excellency’s round-the-clock efforts as the OPEC Secretary General to promote solidarity and unity among Member Countries, along with his trust in collective wisdom and efforts for creating understanding have always helped the Organization and its Members,” he added.

“The outcomes of His Excellency’s timely and effective measures over the past six years have helped our Organization, and the world economy to promote stability.

These achievements, which are the result of his valuable services as the OPEC Secretary General, will be remembered in the history of the OPEC and the world oil market,” Owji stated.

He also congratulated Haitham Al Ghais for assuming the position of the OPEC Secretary General, saying: “I am confident that your appointment will be a critical step in advancing the Organization, achieving the collective goals of the OPEC and its Members and the fair and forward-looking leadership of the OPEC Secretariat.”

“The Islamic Republic of Iran, as a founding member of OPEC, would definitely continue its constructive interaction with the OPEC and would effectively support our new Secretary General as well as the OPEC Secretariat,” he said, adding: “I am confident that the OPEC’s successes in recent years will continue in the future under the leadership of Mr. Al Ghais. I wish him every success in his new position during this challenging time for the fossil fuels.”

OPEC+ Agrees to Raise Output by 100,000 bpd for September

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ coalition, agreed on Wednesday to increase crude oil output by 100,000 barrels per day in September.

The 23 members of OPEC and non-OPEC coalition, collectively known as OPEC+, made an agreement during the 31st OPEC and non-OPEC Ministerial Meeting, held via video conference on Wednesday, August 3, 2022, to add 100,000 bpd to their crude oil output in September.

OPEC+ cut its production by 9.7 million barrels per day in May 2020, equivalent to about 10 percent of global demand, in response to the collapse in demand at the height of the Covid-19 outbreak, but has since facilitated supply constraints.

Sources said the OPEC+ members’ compliance reached 320 percent in June which shows the coalition pumped about 3 million bpd of oil bellow their quotas.

The coalition decided to hold the 32nd OPEC and Non-OPEC Ministerial Meeting on September 5, 2022.

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