Mohsen Paknejad stated that Iran continues to support OPEC+ decisions aimed at ensuring market stability, particularly given current uncertainties in the oil market.  

Regarding some OPEC+ members' decision to increase production and its impact on global oil prices, Paknejad said a meeting of eight countries with voluntary production cuts under the OPEC+ agreement was held Saturday (May 3). As previously announced, these nations—which had voluntarily reduced collective output by about 2.2 million barrels per day since 2022—are gradually restoring that production.  

Under this framework, it was decided that approximately 411,000 barrels per day would be returned to the market in June 2025. Paknejad noted that the decision to cut production in November 2023 and gradually restore it was entirely voluntary and outside the formal decisions of the OPEC+ ministerial meeting.  

As OPEC Conference president, Paknejad stressed that the OPEC+ ministerial meeting, with technical support from the OPEC Secretariat, is closely tracking oil market conditions and trends. OPEC+ members remain fully prepared to adjust policies as needed in response to global market and economic conditions, taking necessary measures to maintain stability and support member economies.  

Reiterating Iran’s role, Paknejad said the country, as OPEC Conference president and an OPEC+ member, is closely monitoring global market developments in 2025. 
He affirmed Iran’s continued support for OPEC+ decisions to stabilize the market, especially amid current oil market uncertainties.