Speaking with Shana, he added the decision has been made after the group examined the oil market developments report by its monitoring arm today, June 2.

The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) were held today to discuss oil market situation and make appropriate decisions to the benefit of its stability.

According to Owji, all the oil and energy minister of OPEC+ emphasized on the necessity of maintaining stability in the oil market amid close monitoring of demand and supply developments in the oil market.

He continued that the group of oil producing countries also expressed its readiness to take swift actions in the future in case of the market conditions make it necessary.

Owji continued that OPEC+ agreement and the decisions of the ministerial meeting have led to significant achievements in line with the common interests of OPEC and non-OPEC member countries which should be maintained in the future amid its vitality for the stability of the oil market.

He said: "Based on the published reports and analysis, there are serious doubts on both sides of global oil supply and demand, each of which can have its own consequences for the prospects of future developments."

Owji added: at the same time, the increase in the activities of traders in paper markets has also added to the concerns; therefore, it is not possible to speak with certainty about the outlook of the trends governing the global oil market.

The minister stated: What can be stated for sure is that OPEC+ carefully and regularly monitors the developments of the world oil market and the factors affecting it, and as in the past experiences, when necessary, appropriate decisions are made to establish and maintain stability in the world oil market.

Owji noted that OPEC+ agreement and its decisions are an important factor in eliminating fluctuations in the oil market, helping to improve the world's economic conditions, and encouraging new investments in the oil industry and ensuring energy security.

He concluded:  We believe that the OPEC+ agreement and cooperation between major oil producers is the only way to achieve world energy security in the short and long term.