Tuesday, March 5, 2024

Iranian oil minister says return of Iran’s crude can stabilize markets

Iran’s oil minister says the country, which sits on the largest oil and gas reserves of the world, is ready to increase its crude output to pre-sanctions levels in as short a time as possible.

Javad Oji was speaking on the meeting of OPEC.

He called for depoliticizing the issue of energy security, saying this move is a must to stabilize global markets.

He noted that the erosion of energy security and a surge in market fluctuations are a lose-lose game for all sides.

Oji also underlined that the world’s energy markets need a rise in oil and natural gas production by Iran, but this requires political will on the part of big consumers.

He was apparently referring to the US and other Western countries which stand accused of preventing Iran’s return to the oil and gas market over its nuclear program.

He then referred to the soaring oil prices in world markets, saying the return of the Iranian oil to markets can meet the demands of customers and help balance and stabilize the situation.

Oji added that OPEC+’s continued cooperation under the current circumstances will be of great help to consumers.

He voiced hope that western governments will soundly understand the sensitivity of the situation and will act logically to pave the way for energy security in the world.

Oji noted that this winter is highly important for Europe and the entire world, and the West must think about that matter now.

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