Speaking to reporters on Friday on the sideline of the 177th OPEC conference, he said that the reduction in quotas should only include countries that have already increased their production under current circumstances.
Oil ministers of 14 countries gathered held 177th OPEC summit on Thursday night to decide whether to extend or reduce oil production or maintain the balance of this strategic commodity next year.
Reportedly, OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd.
OPEC+ oil exporters have coordinated output for three years to balance the market and support prices. Their current deal, which agreed to cut supply by 1.2 million bpd from January this year, expires at the end of March.
“Speaking on behalf of the Iranian nation, I would say this is the right of our people and nation and I would not agree with cutting even a barrel of oil for illogical reasons,” said Iranian Oil Minister Zanganeh on Thursday. “Currently, our oil has been driven out of the market and those who have more output must undergo deeper cuts in the future. No one must expect Iran to reduce its output in the wake of eased sanctions in the future.”
MNA/IRN83582714