Any political, legal interference in energy market a lose-lose game for all players

SHANA (Tehran) – Iran’s minister of petroleum, in a statement, on Sunday put great emphasis on bringing stability to the international energy and oil market.

Javad Owji warned that any interference, including political and legal meddling, in the energy market’s economic foundations will be a lose-lose game for all players of the energy arena and will fail to help eradicate energy poverty and provide the global energy market with security.

“The global energy market is required to get rid of politicization to achieve stability,” read the statement.

Political and legal intervention pursuing shortsighted objectives endangers stability and security of the international energy market, continued the statement, adding, “In spite of all uncertainties such as the coronavirus pandemic and its consequences for the world economy, the decisions made by OPEC+ member states over the past three years have to a great extent guaranteed stability and balance of the energy market in a way to serve producers and consumers’ interests.

OPEC and non-OPEC oil producing countries – the parties to the cooperation statement – are unanimous on this point that creating economic and political instability and insecurity prevents preplanned investments in oil and energy industries’ development projects, which consequently causes instability and insecurity in global energy market, read another part of the minister’s statement.

Hence, the Islamic Republic of Iran, as one of the world’s largest holders of oil and gas reserves, attaches great significance to new investments in oil industry and welcomes any type of new investments in its oil and gas sectors, particularly by OPEC+ member states, to take a stride toward guaranteeing the world’s energy security, concluded the statement.

News ID 470504


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