OPEC+ alliance helps stability of global oil market: Owji
With the OPEC member states and the OPEC+ alliance united, there is now a favorable consensus among producers, said the Iranian oil minister, adding that their policies regarding the supply volume are determined in such a way that contributes to the stability of the global oil market.
In response to a question on the sidelines of the 6th Russian Energy Week International Forum about the impact of recent regional developments on oil prices, Javad Owji said: “It is expected that with the well-formed harmony between OPEC and other OPEC+ members, the global oil market will be immune to politics,” Shana reported.
He also added that during the last two years, investment plans worth $12 billion were implemented in Iran to increase the country’s oil and gas production and refining capacity.
“Considering the increase in energy demands in the post-coronavirus era, we have made a promising investment by increasing our oil and gas production with the aim of ensuring the energy security of the Iranian people as well as partly meeting the world’s energy needs,” the minister said.
Saying that Iran’s oil production capacity has increased by 40% in the past two years, Owji added that the country will put 67 energy projects worth $15 billion into operation by the end of the current Iranian year (March 19, 2024).
Oil and gas officials of Iran and Russia have held talks at the highest levels, which resulted in the signing of a number of contracts, he noted. “Iran and Russia can make the sanctions ineffective by using their joint capacities and be very influential in the world energy market,” Owji stated.
Upon his arrival in the Russian capital to attend the forum, the Iranian minister said negotiations are aimed at turning the memorandums of understanding (MoUs) the two sides have already signed to cooperate in upstream and downstream sectors into contracts.
“I participate in the forum at the invitation of Russian Deputy Prime Minister Alexander Novak, who is the head of the Russian party at the Iran-Russia Joint Economic Commission,” said Owji, adding all oil and gas industrialists and leading companies of the world have attended the event.
“Since I am heading the Iranian side of the Iran-Russia Joint Economic Commission, a meeting will be also held to follow up the previous talks between other ministries and economic organizations of the two countries,” continued the minister, saying the next meeting of the commission is slated for November.
Under its incumbent government, Iran has signed favorable energy contracts with neighboring states, stated Owji, reiterating that bilateral talks will be held in Moscow to expand cooperation.
The Iranian minister will deliver a speech in a specialized meeting, dubbed “Global Oil and Gas Market: Surveying a Turbulent Period,” on Thursday.
According to the forum organizers, more than 4,000 guests, including prime ministers, ministers, ambassadors of the Commonwealth of Independent States, lawmakers, and heads of international and regional organizations from over 60 countries are participating in the international event.
Having the motto of “New Reality of Global Energy: Building the Future”, the Russian Energy Week International Forum kicks off in Moscow on Wednesday.