Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts to their production amounting to 1.66 million barrels per day (bpd), calling it a “precautionary measure” aimed at market stability.

In October, OPEC+, which comprises the Organization of the Petroleum Exporting Countries and 10 allies led by Russia, agreed on output cuts of two million barrels per day from November, angering Washington because tighter supply boosts oil prices, Al Jazeera reported.

Owji said Iran is one of the active member states of OPEC+, adding the announced cuts have raised oil prices in international markets eight to 10 percent.

The minister also talked of strong consensus about oil output cuts between OPEC+ member states, including Iran, Saudi Arabia, Kuwait, Iraq, and Russia.

Oil sales hit new highs

Owji said his country’s oil exports set a new record in the previous Iranian calendar year that ended on March 20, 2023, explaining that 90 million barrels more were sold during the yearlong period when compared with its preceding year, and 230 million barrels more in comparison with the amount exported from March 2020 to March 2021.

Pointing to his ministry’s plan to prevent the sales of unprocessed raw materials, he said, “Last year, a gas refinery and a petro-refinery – Phase 2 of Abadan Refinery – became operational and more projects will be inaugurated this year.”

No rise in gasoline prices

The minister scotched the rumors about increasing gasoline prices, assuring that the government and the Ministry of Petroleum do not intend to raise them.

Associated gas collection complex launch

The first associated gas collection complex will be put into operation within few weeks in Hoveyzeh in southwestern Iran, which will gather 250 million cubic feet of associated gas of West Karoun, North and South Azadegan, Yadavaran, and Yaran fields per day to create added value by using its Flare Gas Recovery System (FGRS), said the minister.

According to him, a $1.3 billion investment has been made to implement the project, which will create job opportunities for 5,000 people.