Owji made the remark after the 27th OPEC and Non-OPEC Ministerial Meeting, held via video conference on Thursday, March 31, 2022, and said, “as speculated, OPEC Plus’ decision today was almost similar to last month, with a slight increase in their crude oil output for May 2022, raising it from 400,000 bpd to 432,000 bpd.

Given the JMMC’s reports as well as the analyses of the world economy outlook and global oil supply-demand fundamental drivers in 2022, all OPEC+ member states reached a compromise on raising crude oil production by 432,000 bpd in March, he said.

However, OPEC+ will continue with its constant and regular monitoring of the market developments and take any necessary measures to maintain the stability in oil market, he said, adding member countries are ready to take appropriate measures to maintain stability and safeguard the achievements of this agreement, if needed.

OPEC+ member states’ compliance with their agreement was 136 percent in January 2022, he said, “recent data and reports showed that global oil market is moving towards balance and stability despite some geopolitical tensions and concerns over a possible decline in world’s oil supply, thanks to the improved economic indicators in the world, particularly in leading oil consuming countries, as well as the appropriate OPEC+ member states’ compliance, which reached 136 percent in January.

The OPEC+ members are keeping an eye on global oil market and supply-demand balance, and they are prepared to swiftly make decisions and take the necessary measures according to the oil market conditions, the minister noted.

Normally, political or security tensions in world’s oil-rich regions raise concerns over the possibility of the oil supply disruption, he said, “however, we should consider that such tensions could cause price shocks that would proportionally affect market outlook.”

“Yet, with regard to the medium and long term market outlook, senior OPEC officials and many oil and energy observers and analysts have repeatedly stated that weak new investments in development of oil upstream sector in various regions is the main concern of the energy market which can make adequate and secure oil supply difficult for all global consumers in coming years,” Owji said.

“We always seek depoliticization of the world energy market and making constructive interactions between producers and consumers, he added. “My colleagues and I, at OPEC, have frequently stressed the significance of new investments in development of the upstream sector.”

We have specially highlighted making investments and development of Iran’s oil upstream sector, which has huge capacities in terms of the hydrocarbon reserves’ volume, and we, in the 13th government, welcome local and international investors to develop upstream sector of the oil and gas industry in order to help maintain and enhance the security of the world’s energy supply for next years and decades.