Iran vows to fight for its OPEC quota
Iran oil minister has said that the Islamic Republic will never give up fight for its production quota set by the Organization of the Petroleum Exporting Countries.
"We keep struggling and we do not retreat even one barrel from our previous quota," Bijan Namdar Zangeneh said.
He was reacting to an OPEC directive that its 12 member states are required to produce 30 mb/d of oil altogether without any specific quota for each member.
"That's very erroneous. It means letting a number of countries free to seize the quota of fellow members," said Zangeneh, Iran's official IRNA news agency reported March 19.
He gave a negative assessment of OPEC's policy vis-à-vis falling prices, saying: "The problem with OPEC is that there should be a consensus for any decision and that is the strength and weakness of OPEC."
"In its previous [ministerial] meeting [in November], OPEC failed to make up its mind and everyone did what it desired and the decision of the previous meeting was renewed," he said.
"Despite all these issues, presence is OPEC is better," he said. "OPEC is the only organization in the Third World to have managed to influence world's economic equations and there is no other such body."
"We have to wait a little to see why a political will is affecting OPEC," he said.
Zangeneh also referred to falling oil prices and said: "Naturally, oil prices should move forward. Those who pushed the oil price down are more than others under pressure."
"They have understood their mistake. So has the market and it wants the prices to rise, but a political intention is disturbing the market. If this political intention stops oil prices will edge up," said the minister.
"We have to make efforts so that non-OPEC would also reduce its production because they are not already cooperative enough. Although they are producing losses, but they make no official remarks," said Zangeneh.