Oil market requires Iranian oil supply to balance: Oji

February 4, 2022 - 13:17

TEHRAN – Iranian Oil Minister Javad Oji has said the global oil market requires Iranian crude oil supply to meet the current demand and maintain balance, Shana reported.

“If world’s oil consumers are dissatisfied with the current oil prices and supply levels, I suggest a quick lifting of the U.S. sanctions against Iran,” Oji said on Wednesday after the 25th OPEC and Non-OPEC Ministerial Meeting.

“The global market needs the increase in Iranian oil supply and we are ready to boost our supply to world markets as soon as possible,” the official added.

According to the oil minister, OPEC+ have agreed, in their meeting, to increase their output by 400,000 barrels per day (bpd) in March.

He noted that the OPEC+ has also emphasized constant and regular monitoring of the market developments and taking necessary measures to maintain the stability in the oil market.

“All member countries will continue their collective efforts to safeguard the achievements of this agreement,” Oji stressed.

On the current condition of the oil market, the official said recent statistics show that the global oil market is moving towards balance and stability despite concerns over the outbreak of the Omicron variant of the coronavirus, thanks to the improved economic indicators in the world, particularly in leading oil-consuming countries, as well as the appropriate OPEC+ member states’ compliance with the pact which reached 122 percent in November 2021.

OPEC+ member states are also pleased with the current condition and all producers try to maintain the existing stability in the oil market, he added.

On the forecast of some international institutions about the oil prices rising to $100 a barrel, he said, “Basically, OPEC’s objective is not to determine prices in the oil market. Global oil prices are determined by a set of supply-demand indicators and all OPEC+ member countries seek a fair price for producers, consumers, and the global economy. OPEC+ producers are satisfied with the relative stability in the market and will continue their efforts and commitment to maintain and strengthen it.”

“However, if the world’s consumers, especially major economies, are dissatisfied with the current oil prices and supply levels and see it against their interests, I suggest that they lift the U.S. unilateral and cruel sanctions against Iran as soon as possible and make the ground for Iran to return to the global oil market with maximum capacity,” he noted.

EF/MA

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