Iran supports the decisions made by the OPEC+ alliance aimed at stabilizing the global oil market, Iran's Oil Minister and OPEC's rotating president, Mohsen Paknejad, told reporters.
He noted that the decisions made during a meeting on May 3, which included representatives from eight countries voluntarily reducing oil production, were positively assessed.
Paknejad explained that since 2022, OPEC+ member countries had voluntarily reduced daily crude oil production by about 2.2 million barrels. Currently, they are gradually returning to this production.
The official also added that as part of this framework, a decision has been made to return about 411,000 barrels per day of production by June 2025.
"The meeting of the energy ministers of OPEC+ member countries, supported by the technical assistance of the OPEC Secretariat, closely monitors the prevailing conditions and processes in the oil market. OPEC+ member countries are fully ready to continue and adjust oil production decisions based on global economic and market conditions, in line with the economic development of member countries, and contribute to maintaining stability in the oil market," Paknejad added.