Iran unopposed to emergency OPEC meet
Minister of Petroleum Bijan Zangeneh says Iran is not opposed to an emergency OPEC meeting to discuss sagging oil prices.
“If this meeting is held, it will be effective and we will not oppose it,” he told reporters, according to the Ministry of Petroleum’s news agency Shana.
“However, an emergency meeting has to be held with the consensus of OPEC members and a consensus means all members are decided to reach a conclusion. But I think it is unlikely that certain countries which have political motivations in the back of their minds in bringing down the prices will simply agree with it.”
Saudi Arabia is leading the drive for lower prices, producing oil at full capacity despite a glut in the market.
The next OPEC meeting is planned for December 4 amid little signs that Riyadh will not put its foot down to oppose a production cut as it has done before.
The pressure, however, is building on and some of Riyadh’s own allies in OPEC are already feeling the crunch, not to mention the kingdom itself which is rapidly burning through its foreign reserves.
“The political atmosphere inside OPEC, especially among the Persian Gulf littoral states, is uneasy and there is not a suitable room yet for negotiation,” Zangeneh said.
On Sunday, stock prices in Persian Gulf Arab states nosedived in a massive market selloff, with the Saudi and Dubai bourses leading the slide.
Oil prices fell to a fresh 6.5-year low, with the European benchmark Brent crude declining below $45 per barrel and the US benchmark, the West Texas Intermediate, sliding under $40.
Zangeneh said global market problems were behind further declines.
“Earlier, the issue of increased supply in the market due to the shale oil and gas production along with gas condensates was involved but there is now the lack of demand in a country such as China,” he said.
“China is faced with an economic crisis which has led to a problem in demand.”
Zangeneh said, “The oil market situation is such that production should be managed and OPEC must play a role for its part in this regard, especially by those members which have produced large amounts of oil over the past years and made overflowing revenues.”
Saudi Arabia and some other producers used US-led sanctions against Iran’s oil industry to their advantage to raise output but are refusing to cut production as Tehran plans to return to normal export levels.
Zangeneh said, “We will increase our oil production at any cost and have no other option. This is not the Ministry of Petroleum’s policy; it is a policy of the Administration.”
“If Iran’s oil production hike is not done on time, we will lose our share in the market for good and have to beg for any 10,000-barrel (increase),” he added.
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