The joint OPEC and non-OPEC ministerial committee, aka JMMC, which is due to meet today in Algeria, has decided to adjust Iran’s declining share in OPEC, a senior energy analyst said.
"The meeting, chaired by Saudis, will discuss the likelihood of boosting output between 500,000 and 1 million barrels per day to compensate Iran's crude that will be eliminated from the market gradually due to the US looming sanctions, set to be imposed on Nov. 4," Behrouz Namdari also told ILNA.
According to the expert, Saudi Arabia and Russia have already planned to replace Iranian oil and now they will discuss the details of each member's share within the organization whether Iran’s Oil Minister Bijan Namdar Zanganeh attends it or not.
"Nonetheless, Zanganeh's absence in the meeting will translate into a strong disagreement with the decision as Iran, OPEC’s third-largest producer behind Saudi Arabia and Iraq, has pledged to block any supply increase to curb rising prices," he said.
Tehran says the price rally was instigated by US President Donald Trump's decision to withdraw from the Iran nuclear deal and reimpose sanctions on Iranian oil sales.