SHAFAQNA (Shia International News Association)- Iran’s oil minister has called on OPEC members to remain committed to their oil production quota, said Iran has no plans to cut its oil supply to markets.
Bijan Namdar Zanganeh told reporters on Wednesday just ahead of 166th OPEC meeting in Vienna that Iran as well as some of OPEC members believed that the time has come to ‘protect the OPEC quota in international markets’ against non-OPEC oil producers.
Zanganeh demanded that all OPEC members should remain committed to quota set for them in OPEC production basket; “it is quite clear that OPEC would take action to save the cap of oil production; in times of surplus production, other non-OPEC producers should coordinate their production with OPEC in reducing oil supply to markets,” he proposed.
In a TV program, Zanganeh had detailed about Iran’s policies in 166th OPEC meeting in Vienna. “Convergence in policies among OPEC members to protect oil price will be our most important policy; when prices sink down, time has come for OPEC to act,” Zanganeh had told TV program.
In the brink of OPEC meeting, Saudi Arabia’s Ali al-Naimi and Zanganeh of Iran will have an important meeting in Vienna, with cut of 1 million barrels per day in OPEC production basket as the central piece of the meeting.
Iran’s most viable scenario to save oil price in world’s volatile markets would be to pursue OPEC for 1 million barrel cut, which, if wins the agreement of OPEC members, it will be an end to differences among OPEC members, and in short term, its overreaching impacts would be seen in restoring oil prices into its former path.