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Oil Minister: Most OPEC Members Advocate Fall in Output

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FNA – Yasser Abdallah
Iranian Oil Minister Bijan Namdar Zanganeh underlined that a majority of the member-states of the Organization of Petroleum Exporting Countries now agree with reducing OPEC output as they do not want to see any further fall of prices.

“In the last OPEC meeting, we agreed on the reduction of the output while 4 countries stood against such a move, but the number of the member states that favor reduction in output has increased now… as they complain about the problems caused by the rise in output; although the OPEC decisions are made according to their consensus and even one vote (in OPEC) can veto the new decision,” Zanganeh said addressing a press conference in Tehran on Tuesday.

“I do not think that even those who want further reduction in oil prices will succeed because those who wanted to strike a blow on us have already done their best and the prices have been fixed around what it is at present” and they won’t fall any further, he added.

He reiterated that Iran favors a five percent reduction in the oil cartel’s official 30 million barrel ouput.

The minister further ensured that once the sanctions are removed Iran would be able to boost production rapidly, stressing that Iran’s increased output under such conditions would not hurt market prices as OPEC is mature and wise enought to cope with such a new situation.

In mid-March, Zanganeh underlined the country’s determination to produce oil based on the quota previously set by the OPEC.

“We keep struggling and we do not retreat even one barrel from our previous quota,” Zanganeh said, in reaction to directive by the OPEC that its 12 member states are required to produce 30 mb/d of oil altogether without any specific quota for each member.

“That’s very erroneous. It means letting a number of countries free to seize the quota of fellow members,” he said.

In December, Iranian President Hassan Rouhani warned that the sudden decrease in oil prices in recent months is a plot hatched by the enemies against the regional people and Muslims.

“The fall of crude prices is not merely an economic issue, rather it is the result of certain states’ political plot and planning,” Rouhani said, addressing a cabinet meeting in Tehran.

“The decrease in oil price is a plot against the regional people and Muslims which merely serves the interests of some other countries,” he added.

Stressing that the regional people will not forget these plots and betrayals against the Muslim world, Rouhani said, “Certainly, people will react to such schemes and the countries which have hatched this plot should know that they have just increased the Muslim world’s hatred for themselves.”

 

aldiplomasy

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