Iran's Zangeneh calls for decision on oil glut
Iran’s Minister of Petroleum Bijan Zangeneh on Wednesday called for an “appropriate decision” by OPEC to curb a global oil supply glut as members gathered for a crucial meeting in Vienna.
“It's very clear that we have oversupply in the market and this oversupply puts pressure on the price,” Zangeneh told Press TV upon arrival in the Austrian capital.
“And now it's our responsibility to review this situation and to take an appropriate decision for balancing the market but it depends on consensus among all OPEC members,” he said.
Oil prices fell on Wednesday amid indications that leading OPEC producer Saudi Arabia would go ahead with pumping crude at full throttle.
The slump came as OPEC ministers gathered for a biannual conference on Wednesday and Thursday and a meeting on Friday.
Zangeneh was brusque when asked whether members should cut output in order to avoid more price slumps.
“I cannot say OPEC members should do this or that. Everything in OPEC needs consensus and we need to have unanimity; it's very important. Without it we cannot decide; we cannot tell others 'you should do this or that'.”
OPEC has been producing above its output ceiling of 30 million bpd for the past year, sending prices into a tailspin.
Iran has been calling for a cut as well as room for its oil as the country weighs returning to its normal production levels before intensified sanctions halved them.
Officials have said Iran will ramp up output in order to regain its market share when sanctions are lifted provided that the country's nuclear negotiations end in a final settlement.
"Yes, it's our goal and we will do that," Zangeneh confirmed.
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