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Iranian Oil Minister Javad Oji has confirmed that his country is ready to increase oil production to the highest possible level once unilateral US sanctions are lifted.
Tehran – Sputnik. Oji said in an interview with Iranian state television today, Wednesday, that “the stability and continuity of energy security in the world requires a non-political approach to the oil markets,” saying that “Iran is ready to increase oil production to the highest possible level once the unilateral US sanctions are lifted.
He added: “What is the status of oil producers, if members of the [أوبك] ?? [أوبك] From 2017 to today, it is the pursuit of stability in world oil markets through cooperation.
And the Iranian Minister of Petroleum added that “Iran, as a founding member of OPEC, and despite the pressure exerted against it due to the unjust sanctions, has always supported the principle of cooperation between the alliance of [أوبك +]It has demonstrated its attachment to the principles and objectives of this cooperation. “
He stressed that “the preservation and continuity of the achievements of the declaration of cooperation, according to the conditions prevailing on the world oil markets, will be in the interest of both groups, producers and consumers, as well as of the world economy”, noting that “[أوبك +] Despite all the difficulties over the past two years due to the emergence of the Corona virus pandemic, it was able to adhere to its common principles and goals and continued its common movement to face the challenges of the global oil markets.
Oji said that “unjust US sanctions against Iran have prevented Iran from producing 1.8 billion barrels of oil and over $ 100 billion in oil revenues,” stressing that “the imposition of unlawful unilateral sanctions to two of the founding members of OPEC is contrary to principles and laws. “International”.
He stressed that his country’s new government will continue its effective support for OPEC and the agreement [أوبك+] safeguard the common interests of the Member States.
The “OPEC +” countries agreed earlier today on Wednesday to adhere to the previously agreed path to increase oil production and the decision to increase oil production next October from 0 , 4 million barrels per day.
The “OPEC +” countries (the alliance of OPEC producers and independent producers led by Russia) have reduced their production by 9.7 million barrels per day, since May of last year; Due to declining demand for oil in the context of the Corona virus pandemic.
With the situation stable, and since August 2021, the coalition has increased production by 400,000 barrels per day, in the hope of gradually withdrawing from its production reduction commitments by the end of September 2022.
In August, the size of the OPEC + production cut was about 5.36 million barrels per day.
A reference was taken for all members in October 2018; As for Russia and Saudi Arabia, it was decided that it would be 11 million barrels per day.
However, from May 2022, it was agreed to increase the base for reducing oil production for: Russia, Saudi Arabia, UAE, Iraq and Kuwait.
For Russia and Saudi Arabia, it will increase by 500 million barrels, to 11.5 million barrels per day.
The group (the alliance), at its last meeting, decided to raise its benchmark production from 43.8 to 45.5 million barrels per day from May 2022.
As for the Emirates, its production was set at 3.5 million barrels per day, and for Kuwait and Iraq, it was increased by 150,000 barrels per day each; From next May.
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