Upcoming OPEC meeting to focus on oil market: Iran oil minister

Iran’s oil minister says the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) will mainly focus on the situation of the global oil market.

Rostam Qasemi said on Monday that the OPEC member states would also address the production ceiling of the organization during the meeting, which will be held later in May.

The Iranian oil minister made the remarks on the sidelines of the 10th Iran Petrochemical Forum (IPF) in the capital, Tehran.

The next OPEC ministerial meeting is scheduled to be held in Vienna on May 31.

Referring to the current oil prices, Qasemi said Iran deemed USD 100 a reasonable price for every barrel of crude.

Crude prices were down in Asian trade on Monday in reaction to OPEC’s decision last week to boost production from 29.93 million barrels a day in March to 30.21 million in April.

The Iranian oil minister said Tehran would continue to work to achieve the position of OPEC’s secretary general.

Also on Monday, Qasemi denied claims that Iran’s oil production and its status in OPEC had declined.

Qasemi said Iran remains the second largest OPEC producer after Saudi Arabia, adding that the country will see its output rise over the next years.

By Press TV


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