The Iranian oil minister said after the surprise meeting of OPEC+ on Sunday that “At today’s meeting, the same previous decision was made that OPEC+ will increase production by 40,000 barrels per month to reach the April [2020 agreement on cuts] basis.”
Regarding the outcome of today’s meeting and its impact on the oil market, Zanganeh said “As a rule, prices will not go up and there will be no imbalance between supply and demand, and the situation is reassuring for the future.”
The Iranian oil minister also said that Iran’s return to the global oil market is important and effective and the OPEC+ cannot ignore Iran’s return.
He continued “Given the positive effects that we see in the growth of the global economy, it was necessary to return the cuts that OPEC+ agreed upon to the market so that there is no supply shortage in the oil market.”
The minister added, “The high price of oil in the short term is good news, but in the long run it is not good news due to the fact that alternative energy sources might become economical and make oil expensive.”