17 August 2020 - 13:23
  • News ID: 306159
Iran: “OPEC Performed Well in Oil Market.”

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) had performed well in the oil market given the increase and stabilization of oil price in the market.

Speaking on Monday, August 17, on the sidelines of the signing ceremony of 13 contracts to maintain and increase oil production in Iranian fields, Zangeneh told reporters: “The price of Brent crude oil has risen from about $16 per barrel in May to $45 and it is almost stabilized; this shows that OPEC (Organization of the Petroleum Exporting Countries) has performed well in this regard.”

He added: "What will come next depends on market reactions. The outbreak of the coronavirus has affected the market. If the world economy recovers and production restarts, the imbalance between supply and demand will decrease and this will have a positive impact on prices."

Regarding gasoline exports to Venezuela, he said: “This is a business trade; let’s not turn it into a political war. The recent shipments were sold and delivered to Venezuela free on board (FOB), and the cash has been settled.”

“The cargoes US seized were without any flag or vessel and did not belong to Iran. the cargoes had already been sold free on board. However, the US still wishes to declare victory.”  

News ID 306159


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