TEHRAN - OPEC+ countries have decided to gradually resume voluntary production cuts as of October 2024, Iranian Oil Minister Javad Oji said after the OPEC+ ministerial meeting.

Speaking with Shana, he added the decision was made after the group examined the oil market developments report by its monitoring arm.

The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC), and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) were held on June 2 to discuss the oil market situation and make appropriate decisions for the benefit of its stability.

According to Oji, all the oil and energy ministers of OPEC+ emphasized the necessity of maintaining stability in the oil market amid close monitoring of demand and supply developments in the oil market.

He continued that the group of oil-producing countries also expressed its readiness to take swift actions in the future in case the market conditions make it necessary.

OPEC+ agreement and the decisions of the ministerial meeting have led to significant achievements in line with the common interests of OPEC and non-OPEC member countries which should be maintained in the future amid its vitality for the stability of the oil market, the official said.

"Based on the published reports and analysis, there are serious doubts on both sides of global oil supply and demand, each of which can have its own consequences for the prospects of future developments," he added.

According to Oji, the increase in the activities of traders in paper markets has also added to the concerns; therefore, it is impossible to speak with certainty about the outlook of the trends governing the global oil market.

The minister stated: “What can be stated for sure is that OPEC+ carefully and regularly monitors the developments of the world oil market and the factors affecting it, and as in past experiences, when necessary, appropriate decisions are made to establish and maintain stability in the world oil market.”

Oji noted that the OPEC+ agreement and its decisions are an important factor in eliminating fluctuations in the oil market, helping to improve the world's economic conditions, encouraging new investments in the oil industry, and ensuring energy security.

“We believe that the OPEC+ agreement and cooperation between major oil producers is the only way to achieve world energy security in the short and long term,” he continued.

The oil and energy ministers of the OPEC member countries began the 188th ministerial meeting of the organization with a minute of silence to express sympathy with the government and people of Iran and to pay tribute to the martyr Ebrahim Raisi, the late Iranian president.

At the beginning of this meeting, Oji, on behalf of the Islamic Republic of Iran, read a statement to express gratitude to these countries for expressing their sympathy and companionship with the government and people of Iran.

Haitham Al Ghais Secretary General of OPEC, Mohamed Hamel, Secretary General of the GECF and other officials sent messages of condolences to the Iranian minister after the Iranian president lost his life during a chopper crash last month.

Raisi was on his way back from the opening ceremony of a dam on Aras River when the chopper carrying him and 7 others crashed in the northwestern province of East Azerbaijan. He was going to inaugurate several oil refining projects and an oil products pipeline in Tabriz the capital of East Azerbaijan province.

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