Iran: We are ready to increase oil production to the highest...

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 oil markets,” declaring that “Iran is ready to increase oil production to the highest possible level as soon as the unilateral US sanctions are lifted.”

He added, “What is the status of oil producers, whether members of the [أوبك] وغير [أوبك] From 2017 until now, it is the pursuit of stability in the global oil markets through cooperation.

And the Iranian Oil Minister added that “Iran, as one of the founding members of OPEC, and despite the pressures exerted against it due to the unjust sanctions, has always supported the principle of cooperation between the alliance of [أوبك +]It has demonstrated its commitment to the principles and objectives of this cooperation.

He pointed out that “preserving the gains of the cooperation statement and their continuity according to the prevailing conditions in the country.” oil markets global, would be in the interest of both groups; producers and consumers as well as the global economy,” he said, noting that “[أوبك +] Despite all the difficulties during the past two years due to the emerging Corona virus pandemic, it was able to adhere to its common principles and goals, and continued its common movement in facing the challenges of the global oil markets.

Oji stated that “the unjust US sanctions against Iran, caused depriving Iran of producing 1.8 billion barrels of oil and more than $100 billion in oil revenues,” he stressed, stressing that “imposing illegal unilateral sanctions on two founding members of OPEC goes against international principles and laws.”

He stressed that his country’s new government will continue its effective support for OPEC and the agreement [أوبك+] to safeguard the common interests of the member states.

The “OPEC +” countries agreed, earlier today, Wednesday, to adhere to the previously agreed path to increase oil production and the decision to increase oil production next October, by 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 the reduced demand for oil against the background of the Corona virus pandemic.

With the stability of the situation, and since August 2021, the coalition has raised production by 400,000 barrels per day, in the hope of gradually withdrawing from its commitments to reduce production, by the end of September 2022.

As of August, the size of the OPEC + production cut amounted to about 5.36 million barrels per day.

A baseline 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, as of May 2022, it was agreed to raise the base for reducing oil production for: Russia, Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait.

And for Russia and Saudi Arabia, will rise by 500 million barrels, to 11.5 million barrels per day.

The group (the alliance), during its last meeting, decided to raise its production baseline from 43.8 to 45.5 million barrels per day as of May 2022.

As for the Emirates, its production was set at 3.5 million barrels per day, and for Kuwait and Iraq it was raised by 150,000 barrels per day, each; As of next May.