Iran gives conditional green light to rescheduling OPEC meeting

June 18, 2019

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh has agreed with rescheduling the upcoming OPEC meeting only if it is set to be on July 10-12, opposing the offer to postpone the meeting to July 3-4.

Zanganeh made the remarks in a meeting with the Russian Energy Minister Alexander Novak in Tehran on Monday, Shana reported.

He stated his busy work schedule as the reason for his refusal, saying “For the time being, the 176th meeting is slated to be held on the original date (June 25).”

“I have no problem with postponing the meeting to July 10-12 and I will participate in the event,” he added.

Speaking with reporters after his talks with Novak, the Iranian oil minister said, “in the meeting the expansion of cooperation in oil and gas sector was also discussed.”

“We had some positive talks regarding gas exports to Russia, and some Russian companies have already expressed readiness to collaborate in this regard”, Zanganeh stated. 

Asked about the Russian energy giant Gazprom’s collaboration in the construction of the Pakistani side of the IP gas pipeline project, the minister noted that some talks have been held but no final agreement is yet reached.

The request for changing the OPEC meeting date was first proposed by Russia, but soon created a great dispute among OPEC members.

The Organization of Oil Producing Countries and their allies are currently scheduled to meet on June 25, followed by an OPEC+ meeting on June 26. 

Asked about Novak’s response to his condition, Zanganeh said, “he is not the decision maker, changing the dates would require unanimity, and the OPEC will make the final decision.”

OPEC and its allies, a grouping known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.

EF/MA

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