"[The traders in] the market were already informed about OPEC's decision," Zangeneh said, adding and the countries that oversupply the market must bear its aftermaths.
"Some members tried to place the over 30m bpb ceiling for the group's output to legitimize their oversupply. It is now long while that some member countries produce as much as they wish. Even when the 30 million barrel a day ceiling was agreed upon by the members, some countries intended to produce about the ceiling which brought the group's supply to the current 31.5m bpd."
Asked whether not defining a ceiling for OPEC output by the meeting's statement would legitimize the group's oversupply, he said: "[By the statement] we have not approved of the oversupply… if we agreed with a higher ceiling then we must bear the market's reaction but now the aftermaths of the oversupply is directed at those who have supplied more than the market's need."
He said there is no need for an emergency OPEC meeting and "Iran will need no one's permission for raising its output by 500,000 bpd."
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