Iran calls for non-political oil market
Baku, Azerbaijan, Sept. 27
By Dalga Khatinoglu – Trend:
Some oil producers have used crude oil as leverage to put pressure on others, but oil is not a weapon to use against rivals, Iran’s oil minister Bijan Namdar Zanganeh said during his speech in the 15th International Energy Forum, which kicked off in Algeria on Sept. 27.
Zanganeh didn’t mention any names, but its political rival Saudi Arabia has increased its output by as much as one million barrels per day (mb/d) to the current 10.6 mb/d level since early 2014.
Zanganeh said that the low oil price has had negative results and this situation would continue.
Iran has resumed to its oil output to 3.65 mb/d, a little less than the pre-sanctions level in 2011, but the country wants to increase this volume to at least 4.17 mb/d, arguing that Iran has had a 12-percent quota in OPEC.
The quota regime has been eliminated since late 2000s, but Zanganeh said that there is no way, but resuming quota regime for stabilizing oil markets.