Oil Minister: Iran will retain OPEC quota very soon

Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Tehran, March 18, IRNA – Oil Minister Bijan Namdar Zanganeh said on Wednesday that Iran will retain its OPEC quota very soon citing development of the oil fields. He said that the current stalemate in the oil market has been created by the western governments for political ends.

Zanganeh said that the restrictions created by the sanctions on Iran could not stop the plans adopted by the Oil Ministry to refurbish the oil industry and capacity building to produce crude oil.

‘Our negotiating team have initiated fresh nuclear talks since Monday,’ he said, adding that oil industry has proved capability to go ahead with development plans.

He said that inauguration of South Pars gas field by the president indicated technology know-how of the Iranian oil and gas industry.

‘If Iran have sat at the negotiating table with the western governments, It does not mean its inability to bring the oil and gas fields into operation,’ he said.

Zanganeh said that gas production has increased more than 125 million cubic meters this year.

Evaluating oil market, Zanganeh said that oil price should naturally move forward, because those who pushed it downward are under pressure themselves.

He said that OPEC did not work well in the course of price falls, adding that OPEC has both strong points and weak points in decisionmaking.

OPEC could not take decision in the past meeting, so everybody does what it wishes.

Anyway, existence of OPEC is much better than its absence, because it is the sole organization of the developing countries which can affect the global economy.