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Future Months Decisive for Oil Market

Source: www.gulfoilandgas.com 1/5/2021, Location: Asia

Iran’s Minister of Petroleum, Bijan Zangeneh, said on Monday that future months are determining for oil market in terms of supply-demand uncertainties.

He made the remark on the sidelines of the 13th OPEC+ Ministerial Meeting, adding, “We could reach a consensus. There are two proposals. One suggests extending the previously-agreed decision, while the other suggests increasing output by 500,000 bpd.”

I think holding monthly meeting by OPEC and non-OPEC members is logical. No decision will last for long term in the current conditions due the uncertainties, Zangeneh added.

Asking about some members’ proposals for increasing oil output, he said the fact is that OPEC+ decisions are made by consensus and if a member disagrees, we cannot force them to agree, he stated.

There are different views on the importance of prices or market share for OPEC. Some members are in favor of market share, while prices matter for others. However, we have to reach a consensus on this, he said.

There should not be an increase in global oil reserves and output, he said, adding oil market is fragile and a mistake could decrease oil price and cause many problems.

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