He made the remarks after the 17th meeting of OPEC and non-OPEC Ministerial Meeting held via video conference on Tuesday, adding, “It was a short meeting and I think it was largely influenced by Iran’s probable return to the oil market.”
During the meeting, it was agreed to keep the current crude oil production unchanged, he said, “next meeting is scheduled to be held in July 1 in which we are going to evaluate the oil market.
He added we did not announce Iran’s comeback to the market in the meeting as we will return when a deal is struck and sanctions are lifted.
OPEC Secretary General, Mohammad Barkindo, said previously that Iran’s return to the oil market will happen in an orderly and transparent manner. In a response to it, Zangeneh said certainly we are transparent and as always we will definitely do it in an orderly fashion.
He also stated that Iran, Venezuela and Libya are still exempt from any cuts.