TEHRAN –Iran’s Petroleum Minister Javad Owji has said that his country welcomes local and international investors to develop oil and gas upstream sectors in a bid to help maintain and improve the security of the global energy supply in upcoming years.
Owji made the remark after the 27th OPEC and Non-OPEC Ministerial Meeting, held via video conference on Thursday.
“As speculated, OPEC Plus’ decision today was almost similar to last month, with a slight increase in their crude oil output for May 2022, raising it from 400,000 bpd to 432,000 bpd,” he said.
Given the JMMC’s reports as well as the analyses of the world economic outlook and global oil supply-demand fundamental drivers in 2022, all OPEC+ member states reached a compromise on raising crude oil production by 432,000 bpd in March, he said.
However, OPEC+ will continue with its constant and regular monitoring of the market developments and take any necessary measures to maintain the stability in the oil market, he said, adding that member countries are ready to take appropriate measures to maintain stability and safeguard the achievements of this agreement if needed.
OPEC+ member states’ compliance with their agreement was 136 percent in January 2022, he said, adding, “Recent data and reports showed that global oil market is moving towards balance and stability despite some geopolitical tensions and concerns over a possible decline in world’s oil supply, thanks to the improved economic indicators in the world, particularly in leading oil-consuming countries, as well as the appropriate OPEC+ member states’ compliance, which reached 136 percent in January.”