Aug 4, 2022, 12:09 PM
Journalist ID: 2379
News Code: 84844145
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Iran ready to return to oil market at shortest time: Official

Tehran, IRNA – Iran’s Minister of Petroleum Javad Owji has expressed country’s readiness to raise its crude oil production to the pre-sanctions era level at the shortest time, and return to the oil market.

This year’s winter is important for Europeans and all over the world, so they should think about from today, Owji said on the sidelines of the 31st Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting, aka OPEC Plus, on Wednesday.

Oil producers, OPEC Plus, are seriously after continuing cooperation to support stability of the oil market as the agreement between the member states have been extended to the end of 2022, the minister noted.  

Islamic Republic of Iran, at the highest level, supports continuation of cooperation  between OPEC and non-OPEC members, Owji underlined.

With regard to decrease in production by some oil producers, the 31rd meeting decided with consensus to increase output by 100,000 barrels per day for September 2022, Owji said, adding that OPEC Plus will observe developments in market through expert meetings every single month.   

Despite the concerns, the oil market is moving on a balanced and stable route, he stressed.

Elsewhere in his remarks, the Iranian minister called on the Western governments to well understand the sensitivities and show reasonable behavior towards bringing about security to the world energy.

Return of Iran’s oil to the market can meet part of the costumers needs and help reach balance in the world markets, Owji pointed out.

Iran is ready to instantly raise its oil production to the pre-sanctions level, he added.

The world needs increase in Iran’s oil and gas production, he further noted.

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