According to reports EconomyNews After yesterday’s meeting between the Saudi and Russian ministers, Prince Abdulaziz bin Salman told reporters that more OPEC meetings mean that in the coming months it will be the oil-producing countries that lead the market, not the forecasters.
At the previous meeting, OPEC Plus meetings were scheduled to be held monthly, and decisions were made each month for the next month. OPEC has met twice a year so far, and the recent decision shows the sensitivity of the oil market.
“We will meet on a monthly basis because we think the market has not fully recovered yet and is extremely vulnerable,” said Novak, a former Russian oil minister and current deputy prime minister who continues to attend on behalf of Russia. “We have to be prepared for faster reactions.”
Earlier this month, OPEC held a summit that, after difficult negotiations, resulted in a total of 500,000 barrels being added to production. The previous agreement was an increase of 2 million barrels.
But the content of Zanganeh’s meeting with Novak in Moscow is still unknown. Zanganeh announced last week that Iran’s oil production would double in 2021. That means it will reach a figure of about 4.5 million barrels per day.
If the claim of our Minister of Oil, which requires the return of the United States to Barjam And the lifting of sanctions on Iran’s exports is Zanganeh’s target will be about 4.5 million barrels per day.
If about 3 million barrels of this production is considered for export, it will be a very heavy figure for OPEC Plus. At its last meeting, OPEC did not agree to a total increase of 2 million barrels and was content with 500,000 barrels.
But after the first feedback of his speech about increasing production, the Iranian oil minister said that Iran will do this and the price will not fall.
Countries that have been under sanctions for a long time, such as Libya, are traditionally exempt from OPEC production ceilings. Iran is likely to follow suit if sanctions are lifted.
Now, with Zanganeh’s visit just a day after Novak and Abdulaziz bin Salman met in Riyadh, most speculation is that the subject of Zanganeh’s talks may be to increase Iran’s production and its impact on OPEC policies.
But there is another possibility. Apart from technical issues, OPEC has always been a place for political dialogue, and Novak is now, in addition to Russia’s representative to OPEC, Vladimir Putin’s deputy.
However, even such talks can have only one issue: the lifting of sanctions on Iran.