Iran’s Minister of Petroleum, Bijan Zangeneh, said the decision made during OPEC Plus meeting today will not increase oil prices, adding high prices will not work to the group’s advantage in the long run.
Zangeneh made the remark after the 19th OPEC and non-OPEC Ministerial Meeting, held via video conference on Sunday, stating OPEC+ members decided to bring 400,000 bpd of crude oil back to the market monthly to December 2022.
The production baseline was changed for some countries, he said, we agreed to add 5.8 million bpd of crude oil to the market in total within 15 months and hold the meetings monthly to see market developments.
He stressed Iran’s return to the market will affect all these and OPEC+ cannot ignore Iran’s return.
On the effect of today’s meeting on oil market, Zangeneh said it will not increase prices and no demand-supply imbalance will occur.
We need to bring the oil cuts back to the market as there are positive signs of economic recovery in the world, he added.