Feb 3, 2020, 2:10 PM
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News Code: 83658751
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Iran sets output cuts precondition for OPEC emergency meeting

Tehran, Feb 3, IRAN – Petroleum Minister Bijan Zangeneh announced here on Monday that Iran will agree the Organization of Petroleum Exporting Countries (OPEC) to hold emergency meeting only if member states are ready to reduce output.

Speaking to reporters in Tehran, Zangeneh said that Iran seeks OPEC member states to reduce output for Iranian approval of the emergency meeting sooner than March 5, 2020 meeting already scheduled.

Coronavirus outbreak from China has caused oil price fall due to reduction of oil demand, Zangeneh said noting that coronavirus which has claimed lives of over 360 people worldwide has affected the factories' activities, so demand for energy has decreased so far.

However, Iran will not be included in the discussion about output reduction as the country is exempted because it is under the oil sanctions, the minister noted.

When the amount of production has not changed and demand has decreased, the price will fall consequently, the minister noted.

Zangeneh said that he contacted the OPEC rotating president about the OPEC emergency meeting, adding that Iran will agree on holding such a meeting only if Tehran is assured that all members are ready to reduce production.

But if Iran were to hold talks, there would be no need to hold such a meeting and "we'll be awaiting the March meeting," he stressed.

Oil market is under pressure, he said stressing that it should achieve balance.      

At the end of his remarks, the minister called for considering the sanction as an opportunity for strengthening Iranian exporters of crude oil and its products.

Despite the world’s criticism over Washington’s anti-Iran measures, US President Donald Trump reinstated unilateral sanctions on Tehran on November 5, 2018, and imposed as he claimed the “highest level” of economic sanctions including oil restrictions on the Islamic Republic of Iran.

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