The performance of OPEC and its member states during both minor and major global energy crises has consistently focused on safeguarding members’ long-term interests, enhancing energy security, stabilizing the oil market, and providing assurance to energy investors, Seyed Ali-Mohammad Mousavi said in his note.

The “Declaration of Cooperation,” also referred to as OPEC+, which was initiated by OPEC members during a period of instability in the oil market, has now—after nearly a decade of activity—successfully coordinated and implemented necessary initiatives among its members to balance global oil supply and demand and to support continued global economic growth. It must be emphasized that tensions and instability in oil-producing regions, as well as sanctions, hinder investment in the development of the oil and energy sector, he added.

The result is weakened energy security, market instability, and increased pressure on the global economy and individual countries. This situation is undoubtedly a lose-lose outcome for all stakeholders involved, noted Mousavi.
At a time when the global oil market is facing significant uncertainties on both the supply and demand sides, the Ministry of Petroleum of the Islamic Republic of Iran supports the decisions and programs of OPEC and OPEC+ aimed at stabilizing the global oil market and managing harmful price volatility. As one of the founding members of OPEC, Iran remains committed to the organization and to the DoC, he concluded.