TEHRAN – Iranian Oil Minister Mohsen Paknejad has been elected as the rotating president of the Organization of the Petroleum Exporting Countries (OPEC) for 2025.

Speaking to reporters late Tuesday after the 189th OPEC ministerial meeting, held via videoconference, Paknejad said all member states participated in the virtual session.

“The most significant outcome of this meeting was the election of the Iranian oil minister as the president of OPEC for the upcoming year,” Paknejad stated.

He added that Iraq’s oil minister was elected as vice president for the new term.

During the session, OPEC’s budget for the upcoming year was also reviewed and approved unanimously by member states. “It was emphasized that members who have not yet paid their contributions must settle their dues promptly,” Paknejad noted.

The meeting also saw the extension of OPEC Secretary-General Haitham Al-Ghais’ tenure for another three years. The Kuwaiti official, who was praised for his effective leadership, was reappointed by consensus.

Paknejad reiterated that OPEC currently comprises 12 member countries. He also announced that the exact date for the next ministerial meeting will be decided at the gathering scheduled for late May 2025.

EF/MA