TEHRAN (SHANA) -- Iranian Minister of Petroleum, Bijan Zangeneh, said after the 181st Meeting of the OPEC Conference that the main responsibility of the next petroleum minister is to help Iran return to the oil market and get our lost market share back which was caused by the sanctions.
I am happy that I have carried this huge burden of responsibility on my shoulder for years and I hope to put it down safely, properly and honestly. I asked all OPEC members to support next petroleum minister, he said.
About OPEC meeting, Zangeneh said it was an ordinary meeting of OPEC not an extraordinary one and we mostly focused on some paperwork such as approving financial reports and selecting the auditor. And, most technical reports are due to be presented in OPEC Plus meeting.
The OPEC’s decisions were mainly based on reaching consensus and oil market condition has not created any differences.
Oil Prices Fall After
OPEC+ Extends Supply Talks
Oil prices edged lower on Friday after OPEC+ ministers delayed an output policy meeting, with sources saying the United Arab Emirates had balked at proposals that included raising supply by 2 million barrels per day (bpd) by the end of the year.
Brent crude futures were down 29 cents at $75.55 a barrel by 1218 GMT after rising 1.6% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were down 28 cents at $74.95, having jumped 2.4% on Thursday to close at their highest since October 2018.
Both benchmark contracts had gained on Thursday after OPEC+ sources said the group aimed to hike output by less than expected and retreated when UAE opposed the proposals, which also included extending the pact on output to the end of 2022.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are meeting again on Friday to discuss the plans after UAE opposed the proposals, saying it wanted its quota to be higher, sources said.
“If the impasse between the UAE and the rest of the OPEC+ contingent persists, then the July output agreement will automatically run throughout August by default,” said StoneX analyst Kevin Solomon.
“This would be a troubling scenario for the global economy. The oil market would tighten at an even faster rate and prices could quickly exceed $80 a barrel, which would hamper global economic growth prospects through inflationary pressures.”