The minister added Iran is convinced that the agreement reached between the alliance’s members and issued in OPEC and non-OPEC producers’ Declaration of Cooperation brings benefits for global oil market, producers, consumers, and economy.

Owji made the remarks as OPEC+ is scheduled to meet in Vienna on Sunday and could make further changes to an agreement that already limits supply into 2024, according to analysts and OPEC+ sources, to support the market.

“All observers and experts of the oil market acknowledge the constructive achievements of the OPEC+ agreement for the market stability and energy security,” stated the minister, adding the OPEC+ member states will discuss all options in their Sunday meeting to maintain the oil market stability.

“The escalation and continuation of tensions in the Middle East region will lead to uncertainty and instability in energy markets, particularly oil market, and endanger the regional and global energy security,” he underlined.

“The continuation of political instability causes sharp fluctuations in global oil prices and imperils security of energy supply and sustainable development of energy industry,” continued the minister.

The sustainable stability of oil market demands the continuation of cooperation between OPEC and non-OPEC members, noted Owji, adding, the OPEC+ member states are determined to provide oil market with stability and maintain it and their performance and putting the Declaration of Cooperation into action during the past years prove it.

The agreement and decisions made by OPEC+ is a key factor for eliminating fluctuations in oil market, improving global economy, encouraging new investments in the world oil industry, and ensuring energy supply.

OPEC+ has delayed its ministerial meeting to set output policy to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement on Wednesday.

Oil prices extended an earlier decline following the surprise development, Reuters reported.