Iran against any increase in OPEC oil output

He made the remarks on the sideline of 7th International OPEC Seminar, held in the Austrian capital Vienna.

Zanganeh highlighted that Iran opposes any increase of oil production since the issue was not on the agenda of OPEC meeting.

Discussing the issue of boosting oil production is a green light to US policies, he added.

The president of the United States doesn’t have any problem with increased oil prices since this leads to raising Shale productions, said the minister, adding, “however in public, he shows opposition and blames the OPEC while these conditions are not created by OPEC but by the US administration.”

Even 500,000 bpd should not be added to current oil production rate, he highlighted.

“According to previous agreements, it was decided to decrease oil production by 2 million bpd and now in practice, we are experiencing 3 million bpd drop. So if OPEC members supply 1 million bpd to the market, there will be no problem and no need to boost production,” he noted.

He went on to say that according to International Energy Agency reports, there is no imbalance in the global oil market, however, next year’s situation is another issue.

“We believe that there is no problem in the market, however, political tensions have caused instability and tension in oil market,” he noted.

OPEC is an international organization with 14 members and doesn’t take orders from anyone, Zanganeh said.

Iran believes that OPEC is not a political body and so any politicizing of oil market and political use of oil against oil producers and consumers should be rejected, he highlighted.

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