Members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies are seeking to extend production cuts by more than 400,000 barrels per day (bpd) from their current 1.2 million bpd amid a slowing global economy and abundant crude reserves.
Iranian Oil Minister Bijan Namdar Zanganeh said on Monday that he expects further production decrease during the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) in December.
OPEC delivered a bearish oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
Iranian Minister of Finance and Economic Affairs Farhad Dejpasand was elected as the chairman of the OPEC Fund International Development (OFID) in the 40th ministerial meeting of the international organization, said Iran's Ambassador to London Kazem Gharibabadi.
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to US sanctions and other outages elsewhere in the group, a Reuters survey found.
Iranian Oil Minister Bijan Namdar Zanganeh hailed a Tuesday meeting of the Organization of the Petroleum Exporting Countries (OPEC) as “good” and said that Iran was again exempted from the oil output restrictions.
Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said.
OPEC’s oil producers from the Persian Gulf are not in a rush to increase production in July despite the fact that the current agreement expires at the end of June and the cartel and allies will discuss their future oil policy in the first days of July.
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran and Venezuela continue to see their output contract, an S&P Global Platts survey showed.
Iranian Minister of Petroleum Bijan Zangeneh says Tehran has no plans to leave the Organization of the Petroleum Exporting Countries (OPEC), criticizing certain member states for politicizing the group to counter two OPEC founding members--Iran and Venezuela.