Dec 6, 2019, 9:23 AM
Journalist ID: 2382
News Code: 83582792
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Envoy: Iran never gives up its rights to produce oil

Vienna, Dec 6, IRNA - Iran's Ambassador and Permanent Representative to the Vienna-based international organizations Kazem Gharibabadi said on Friday that Tehran never gives up its rights to produce and export oil in the post-sanctions era.

Speaking to reporters on the sideline of the 177th OPEC conference, Gharibabadi said that the reduction in quotas should include countries that have increased their production under current conditions.

The 177th OPEC summit was held Thursday night hosting ministers from 14 member states gathered to decide whether to extend or reduce oil production or maintain the balance of this strategic commodity next year.

Members of the Organization of Petroleum Exporting Countries and Non-OPEC Producers and Exporting Countries (OPEC Plus) agreed earlier this year to reduce their total production by 1,200 million barrels per day to balance the market and increase oil prices.

The International Energy Agency has forecast that non-OPEC’s members' daily oil production will increase by 2.2 million barrels a day next year, while total global oil demand growth will be only 1.3 million barrels.

Speaking to reporters, Iranian Petroleum Minister Bijan Zangeneh said on Thursday that if the deal on cutting oil production to be extended, it will be an achievement for OPEC; if it is further reduced, Iran will support it which will be regarded as a greater achievement.

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