Zangeneh made the comment at the end the 15th OPEC Plus Ministerial Meeting.where he added that the year registered a glorious record for the petrochemical industry, because Iran had very scarcely been able of reporting an annual 25 million ton increased production capacity before.
He added that meanwhile the country’s production of natural gas increased to 1000 million cubic meters per day during the same period.
The oil minister said that Iran has remained well committed to observation of its OPEC and non-OPEC commitments, adding that some countries have failed to fulfill their their OPEC commitments which were set by the other members and they were given till September to fully return to their commitments.
“Keeping in mind that the world demand for oil had decreased 9.6 million barrels in the year 2020 compared with 2019, we have still not reached the global demand in 2019,” he said.
The market awaits the OPEC Plus decision that at this point looks like a forgone conclusion as it celebrates the reopening of the Suez Canal.
Reports that Russia is favoring an extension of the OPEC cut of eight million barrels a day seemed to get the market juiced up, giving it a close above recent congestion.
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