Iran’s Higher Oil Output Can Help Balance Global Markets

A rise in Iranian oil supplies is what the global oil market needs now, as worsening energy security and market volatility will be a lose-lose game for all the sides involved, the oil minister said on Thursday.
Javad Owji, who was speaking after the 30th OPEC and Non-OPEC Ministerial Meeting, also known as the OPEC+ coalition, held via videoconference on Thursday, added that OPEC+ has decided to uphold its decision agreed last month to add 648,000 barrels to its daily crude oil production for June and August, the Oil Ministry’s news agency Shana reported him as saying.
The decision was made after some OPEC+ producers failed to reach the agreed quota and their oil production declined. The inventories of crude oil and oil products in some major consumer countries have been decreasing. As a result, OPEC and its allies agreed to raise their collective crude oil output in the meeting.