Coming months will be determinative of oil market situation: Zanganeh

January 5, 2021 - 10:41

TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh said that given the current uncertainties in supply and demand, the coming months will be determinative of the oil market situation, Shana reported.

Zanganeh made the remark on the sidelines of the 13th OPEC Plus ministerial meeting, which was held through video conference on Monday evening.

In terms of the progress of the negotiations, he said: "There are two different proposals. One side agrees to continue production at current level and the other side wants to increase supply by 500,000 barrels per day.”

Russia pays more attention to market share, while the other side pays more attention to price, the minister added.

Stating that any decision requires the consensus of all members, Zanganeh said: "Given the current uncertainties in supply and demand, the coming months will be very determining for the oil market."

Zanganeh said: "Since no decision will last long in these circumstances, it is reasonable to hold OPEC Plus meetings on a monthly basis."

"What is important for us is not to increase the world's oil reserves and production," he said, adding, "The oil market is fragile and a mistake can cause oil prices to fall and cause a lot of problems."

MA/MA

Leave a Comment

5 + 10 =