News ID: 219908
Published: 0232 GMT August 15, 2018

Zanganeh to attend JMMC meeting in September

Zanganeh to attend JMMC meeting in September

Iran's Oil Minister Bijan Namdar Zanganeh will take part in a meeting of an OPEC/non-OPEC committee that monitors output compliance, known as the JMMC, in Algeria in September.

Zanganeh's objective in attending the meeting is to maintain Iran's oil market quota, ISNA reported on Wednesday.

The meeting is scheduled to take place six weeks before US sanctions on Iran's oil industry are due to take effect.

Following months of underproduction, the Organization of the Petroleum Exporting Countries (OPEC) agreed with Russia and other oil-producing allies to raise output from July by returning to 100 percent compliance with previously decided cuts. That would mean an output increase of roughly one million barrels per day.

Last week, Zanganeh sent a 'letter of complaint' to his United Arab Emirates counterpart after noticing that some OPEC members were trying to adjust output.

Zanganeh told the UAE Energy Minister Suhail al-Mazrouei, who holds the OPEC presidency in 2018, that the JMMC should not distribute output increases among other producers.

Iran, which faces US sanctions, disagreed and criticized Saudi plans to boost output above targeted levels.

The JMMC is is due to meet next on September 23 in Algeria. Iran is not on the committee, which also includes Russia, the UAE, Oman, Kuwait, Algeria and Venezuela.

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