11 October 2023 - 20:44
  • News ID: 631494
Owji: OPEC+ supply policies stabilize world oil market

SHANA (Moscow) – Iran’s Oil Minister Javad Owji on Wednesday said unity between member states of OPEC and OPEC+ alliance has led to producers’ desirable consensus on supply and stability of world market and prices.

OPEC+ groups the Organization of the Petroleum Exporting Countries and allies led by Russia.

Talking to reporters on the sidelines of the 6th Russian Energy Week International Forum in Moscow, the minister added, “Investment projects for increasing Iran’s oil and gas production and refining capacity worth $12 billion have become operational over the past two years.”

Launching a road map for boosting the country’s oil and gas output, the 13th administration and the Oil Ministry have devised precise plans and will have good news for Iranian people and energy consumers in the world as they have properly utilized domestic and foreign investment capacities, he pointed out.

“Considering the growing demand for fossil energies in the post-COVID era, we have made a sizable investment to boost oil and gas output with the aim of providing energy security and welfare for Iranian people and meeting a part of the world’s energy needs,” Owji mentioned.

Iran’s oil production capacity has jumped by 40 percent since two years ago, said the top official, adding 67 important projects for increasing oil and gas output will come on stream through investing $15 billion by the end of the current Iranian calendar year (March 19, 2024).

Asked about the impacts of the recent conflict between Palestinian resistance groups and Israel on oil prices, Owji said the world oil market thanks to the OPEC+ coordination is expected to come through political developments unscathed.

Based on the OPEC report, global demand for oil will jump by 16 million barrels per day by the end of 2045, said the minister, noting the forecast reveals the significant role energy carriers play in the world’s economic growth.

In response to a question about Iran-Russia cooperation in oil and gas sectors, he said bilateral relations are growing and consultations between the two sides’ top officials and industrialists have resulted in signing contracts, with some of them coming to fruition in development projects of fields.

Iran and Russia can neutralize sanctions and play effective roles in international energy market by utilizing their capacities, he emphasized.

Forum and goals

Earlier in the day, Owji said oil and gas talks will be held with Russian companies on the sidelines of the 6th Russian Energy Week International Forum in Moscow.

The oil minister, who arrived in the Russian capital to attend the forum, added negotiations are aimed at turning the memorandums of understanding (MoUs) the two sides have already signed to cooperate in upstream and downstream sectors into contracts.

“I have participated in the forum at the invitation of Russian Deputy Prime Minister Alexander Novak, who is the head of the Russian party of Iran-Russia Joint Economic Commission,” said Owji, adding all oil and gas industrialists and leading companies of the world have attended the event.

Given their rich hydrocarbon reserves, Iran and Russia have good capacities for cooperation in oil and gas industry, he underlined.

“Since I am heading the Iranian side of the Iran-Russia Joint Economic Commission, a meeting will be also held to follow up talks between other ministries and economic organizations of the two countries,” continued the minister, saying the next meeting of the commission is slated for November.

Under the 13th administration, Iran has signed desirable energy contracts with neighboring states, stated Owji, reiterating that bilateral talks will be held in Moscow to expand cooperation.  

The Iranian minister will deliver speech in a specialized meeting dubbed “Global Oil and Gas Market: Surveying a Turbulent Period” on Thursday.

According to the forum organizers, more than 4,000 guests, including prime ministers, ministers, ambassadors of the Commonwealth of Independent States (CIS), lawmakers, and heads of international and regional organizations, from over 60 countries are participating in the international event.

Having the motto of “New Reality of Global Energy: Building the Future”, the Russian Energy Week International Forum kicked off in Moscow today.

News ID 631494


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