Javad Owji made the remark after the 29th OPEC and Non-OPEC Ministerial Meeting, OPEC+ coalition, held on Thursday, June 2 2022, via video conference, saying, “Today, OPEC+ decided to increase daily production by 648,000 barrels per day for July 2022. According to the JMMC’s reports and analyses, all OPEC+ member countries agreed on the additional volume. However, OPEC+ will continue constant and regular monitoring of the market developments and take necessary measures to maintain the stability in the oil market."

The latest statistics and reports show that OPEC+ member states’ compliance reached the recorded 220 percent in April 2022, he said, adding a decline in oil production in some countries was the main reason for the increased compliance.

Global oil market is moving towards balance and stability despite concerns over the impacts of geopolitical tensions on world economic growth and the possible damages to demands, he said, adding: “However, there are concerns over a possible oil supply shortage in the coming months.”

“At today’s meeting, it was reemphasized that OPEC+ countries are closely monitoring the conditions of global oil market and supply-demand balance, and there is a readiness to make swift decisions and take necessary measures according to the oil market conditions,” he said.

“I believe and have to reemphasize that global oil market is in a condition that return of Iranian oil can significantly meet customers’ needs and make international markets balanced and calm. Particularly, we will see an increase in global oil and oil products demand as summer travels will start in Europe and the United States, therefore; in such circumstances, consumer countries are likely to face additional price pressures, especially in oil products market,” Owji stated.

The Islamic Republic of Iran has always stressed that we should avoid politicizing energy and imposing harsh sanctions against producers in order to ensure supply security in favor of consumers, international energy markets and world economy because disturbing energy security and intensifying market fluctuations create a lose-lose situation for all players.

Iran’s Petroleum Minister, who is in Azerbaijan to participate in Baku Energy Week and hold talks with the officials attending the event, took part in the 29th OPEC+ Meeting at Iran embassy in Baku via video conference.