BAKU, Azerbaijan, May 8. 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, Trend reports.
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.
As many as 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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