TEHRAN - Iranian oil minister has written a formal complaining letter to OPEC President Suhail Al Mazrouei to express concerns over Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC)’s performance.

In his letter Zanganeh warned that the JMMC should refrain from any attempt to redistribute any surplus levels among OPEC members and also to reduce the non-OPEC members’ compliant levels, IRIB reported on Thursday.

Zanganeh further stressed the role of OPEC in stabilizing the oil market, saying that all members should follow the organization’s decisions which were made during the 174th meeting.

He, once again, emphasized the fact that JMMC can’t interpret OPEC’s decisions and noted that last JMMC has been obviously trying to put the burden of reducing the production levels on non-OPEC members while redistributing the over-conformity in production adjustment level among some OPEC members.

"To our dismay we witnessed that some members attempted to redistribute over-conformity in production adjustment level among themselves, and attempts to hand over OPEC countries' over-conformity to non-OPEC countries," Zanganeh wrote.

Elsewhere in his letter the Iranian minister noted that JMMC’s recent activities are in total contradiction with their monitoring duties, and indicates misinterpretation by the JMMC over its mandate, as well as disregard for the decision of the 174th Meeting of the OPEC Conference.

Zanganeh vowed to challenge the inconsistencies, stating that "if a country has a different interpretation of this agreement, Iran will officially raise it to the OPEC."

EF/MA