The 15th IEF ministerial meeting and OPEC Consultative Ministerial Meeting were held in Algiers on Tuesday and Wednesday.
On the sidelines of the two meetings, Zanganeh met and conferred with a number of officials, including Algerian Prime Minister Abdelmalek Sellal, Iraqi Petroleum Minister Jabar Ali al-Luaibi, Russian Energy Minister Alexander Novak and the Managing Director of France’s energy giant Total Patrick Pouyanné.
Addressing the IEF Ministerial Meeting, Zanganeh said growing demand and lowering oil inventories have sparked oil price hike in the markets in the last three months of 2016 and the first three months of 2017.
“We expect OPEC to support Iran’s return to the oil market and its efforts for restoration of the production quota after elimination of the international sanctions,” said Zanganeh.
The Consultative Meeting of the OPEC Oil and Energy Ministers lasted for more than three hours on Wednesday and eventually, the members decided to cut their production by 700,000 bpd.
The Iranian Minister of Petroleum voiced pleasure with outcome of the OPEC consultative ministerial meeting and said the decision of OPEC was exceptional.
“After two and half years, OPEC reached consensus for market management,” he noted.
On the proposal of the OPEC Secretariat, the OPEC oil and energy ministers decided to limit output up to the ceiling of 32.5 to 33 million bpd – a figure which should be divided among the OPEC members.
OPEC decided to form a high-level special committee, comprising OPEC members, to propose all member states’ production level to the next meeting of the OPEC members.
Zanganeh said, “The high-level special committee, comprising the OPEC members, will continue consultation with THE non-OPEC members to bring about stability in the oil market.”
The 16th IEF session will be held in India in 2018.
The 170th regular meeting of the OPEC oil and energy ministers will be held in Vienna, Austria, on November 30 to investigate world crude market developments as 14 members will be present in it.