Iran to reject cap on output in OPEC+ meet: Oil minister
Iran will strive not to accept limitations on its oil production, the country’s oil minister Mohsen Paknejad said in a video shared by state media on Monday.
Markets are also expected to move this week ahead of the OPEC+ meeting on Dec.1, where the group may stick with deep oil cuts for longer due to weak demand.
The minister stated that Iran will not accept restrictions on its oil production quota during the upcoming meetings of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, IRNA wrote.
He emphasized the country’s commitment to maintaining its quota due to the unique circumstances it faces.
Paknejad said measures were implemented under the next US administration to ensure the continuation of Iran’s oil exports with minimal or no challenges.
In response to questions about whether the quantity and quality of Iran’s oil sales would change under the Trump administration, the minister expressed confidence, saying, “We are not overly concerned in this regard.”
He added that through detailed and regular discussions with international colleagues in the oil sector, strategies were devised to safeguard oil exports against potential disruptions.
Paknejad on November 13 addressed concerns about potential increased pressure on Iranian oil exports amid shifts in US foreign policy or a return to measures reminiscent of the Trump administration’s sanctions. He stated, “Necessary precautions have been taken in this regard.”
The minister said that the oil sector is prepared for any potential challenges, saying, “Our colleagues in the oil industry have anticipated actions in line with possible restrictions, ensuring no issues arise that could worry the public.”
Paknejad also noted that the Oil Ministry’s strategic planning is focused on sustaining stable oil production and exports, adding, “There is no specific cause for concern in this area.”