Petroleum minister hails OPEC Meeting

EghtesadOnline: Petroleum Minister Bijan Zangeneh said that the recent OPEC Meeting in Vienna was smooth compared to those held over the past three years and there was consensus among the members.

News ID: ۷۴۱۷۲۷

27 May 2017

After the end of the 172nd Ordinary Meeting of OPEC’s oil and energy ministers as well as the second Joint Meeting of OPEC and non-OPEC members, Zangeneh said,' There existed no dispute and the OPEC Meeting was held in a peaceful atmosphere.”

As to the reaction of market to the decision made during OPEC’s 172nd Meeting, he said, “I was surprised by reaction of the oil market and prices drop, but it will hopefully be rectified in view of OPEC members’ willingness to raise the prices.”

Non-OPEC members agreed over output reduction and it was perhaps the first time that their output cut was beyond imagination, IRNA quoted him as saying.

Asked about adherence of OPEC and non-OPEC members to the output reduction agreement of November 30, 2016, Zangeneh said that the OPEC members were fully faithful to it while the non-OPEC members were almost faithful.

Iran is keen on cooperation with great companies, he said, adding, “The Iranian nation conveyed a clear message to the world and we gave a message of friendship and peace to our neighbors at the height of power and dignity.”

Referring to the recent presidential election in Iran, Zangeneh said, “We are a strong nation and we have sacrificed our lives for the country’s independence and freedom. Democracy is steadily becoming mature in our country.”