Oil market is currently stable, Zanganeh says

March 5, 2021 - 12:3

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh has expressed satisfaction with the outcomes of the 14th OPEC and non-OPEC Ministerial Meeting held on Thursday via video conference and said the oil market is currently stable.

Making the remarks after the meeting, Zanganeh noted that it was decided in the gathering to allow Russia and Kazakhstan to add 150,000 barrels per day (bpd) to their production in April, Shana reported.

Also, Saudi Arabia will cut its oil output by one million bpd voluntarily for April, the official added.

The meeting was positive and did not last too long, Zanganeh said, adding the next meeting will be held on April 1 to review the market conditions and to decide the output level for May.

Amir Hossein Zamaninia, Iran’s governor for OPEC also said on Thursday that the final decision made for April was ideal.

Instead of a 500,000 crude oil output rise in April, we agreed an additional oil production of 130,000 bpd for Russia and 20,000 bpd for Kazakhstan and therefore we got 350,000 bpd frozen, he said.

“Saudi Arabia said it will supply the 1 million bpd to the market gradually after April to support market balance provided that other members compensate for their extra production until the end of July,” Zamaninia stated.

EF/MA

Photo: Iranian Oil Minister Bijan Namdar Zanganeh

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