OPEC+ Deal Sole Way for Global Energy Security: Iran’s Oil Minister

The Iranian oil minister described the agreement made by the OPEC+ members and cooperation among major oil producers as the only option for ensuring the world’s energy security in the short and long term.

News ID: ۸۴۵۸۰۲

03 June 2024

EghtesadOnline: In comments after the 188th meeting of the OPEC Conference, the 54th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, Iran's Oil Minister Javad Owji said the OPEC+ members unanimously agreed on collective production cuts through 2025.

What can be stated for sure is that OPEC+ carefully and regularly monitors developments in the global oil market and the factors affecting it, he added, noting that the necessary and appropriate decisions are made to create and maintain stability in the world market.

That OPEC+ agreements and its decisions are important factors in eliminating fluctuations in the oil market, help improve the world's economic conditions, encourage new investment in the oil industry, and ensure energy security, the Iranian minister said.

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. / Tasnim