Iran, OPEC Discuss Global Oil Market

Iran, OPEC Discuss Global Oil Market

TEHRAN (Tasnim) – Iran’s ambassador to the Vienna-based international organizations and the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) held talks about the situation in the international oil market.

In a post on his Twitter account, Iranian envoy Kazem Gharibabadi said he held “fruitful consultations” on Monday with OPEC Secretary General Mohammad Sanusi Barkindo of Nigeria.

“We reviewed the latest developments on international oil market and OPEC,” the Iranian ambassador noted.

Last week, OPEC and allied producing countries, a grouping known as OPEC+, confirmed plans to restore 2.1 million barrels of crude per day of oil output, balancing fears that continuing COVID-19 outbreaks in some countries will sap demand against the rising need for energy in recovering economies around the globe.

The cartel decided to stay the course at earlier meetings to raise production by 2.1 million barrels per day from May to July. The group planned to add back 350,000 barrels per day in June and 440,000 barrels per day in July.

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