TEHRAN - Gabon and Iran have been elected as president and alternate president of the Conference of Ministers of the Organization of Petroleum Exporting Countries (OPEC) for 2024, respectively, Shana reported.

The two countries were appointed by alphabetical order at the 187th Meeting of the OPEC Conference, which was held via videoconference on Thursday.

According to the OPEC Statute, the alternate president shall preside over meetings whenever the president is absent.

Following the principle of alphabetical rotation, Libya and Nigeria were also elected as the OPEC Executive Board president and alternate president for 2024.

The representatives of Iran, Iraq, and Nigeria in the board have been already appointed and their appointment must be approved according to the OPEC Statute during its ministerial conference.

Iranian Oil Minister Javad Oji on Thursday praised ‘favorable’ cooperation and understanding between OPEC+ producers.

Talking to Shana, the minister said, “We are trying to institutionalize cooperation with non-OPEC producers within the framework of OPEC+ alliance.”

Oji, who spoke after the 187th meeting of OPEC Conference and the 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM), said during the meetings the participants clearly stressed the need to preserve the oil market stability and support OPEC+ collective decisions.

The OPEC+ members underlined that the coalition keeps a close watch on global oil markets and the balance between supply and demand, said the minister, adding the alliance also voiced its readiness to make quick decisions and take the necessary measures to stabilize the oil market and cope with its situations.

Shifting to the postponement of OPEC and OPEC+ ministerial meetings caused by differences between their member states, Oji said it is not something new as they have had such differences at some junctures, adding all that matters is that OPEC+ producers reach an agreement and a consensus serving the member states’ interests.

The oil market is experiencing a challenging era, he stated and noted additional supplies by some producers outside of the OPEC+ alliance associated with uncertainties surrounding global economy, the outlook for international markets, speculators’ activities in the oil market, and consequences of mentioned developments are sending out alarm signals.

The agreement and decisions made by OPEC+ and during ministerial meetings have served the OPEC and non-OPEC member states’ common interests, said the minister, pointing out the successful move should continue in the future as it is vital for ensuring the market stability and serving producers’ interests.

The released reports and analyses show considerable uncertainties about global supply and demand, said Oji, adding each could have special impacts on future developments.

Short sellers’ increased activities in the market have fueled concerns and the outlook for the international oil market cannot be anticipated with certainty, the minister stated, continuing, “I cannot agree to any of these speculations, either.”

He said the United States and other big consumers’ worries about the global oil market and energy security have been caused by U.S. policies and acts aimed at putting OPEC+ and its producers under pressure – political pressure on some big oil and gas producers by imposing brutal and unilateral sanctions and escalating geopolitical tensions through making political intervention and supporting war in the West Asia region.

Oji is convinced that the agreement and decisions made by OPEC+ are significant factors in eliminating fluctuations in the oil market, improving global economic conditions, encouraging investment in the oil industry, and guaranteeing energy security.

“We consider the OPEC+ agreement and cooperation between large oil producers as the only option to provide the world with short- and long-term energy security,” he emphasized.

“As I said before, all observers and experts of the oil market acknowledge the constructive achievements of the OPEC+ agreement for the market stability and energy security,” reiterated the minister, underlining that Iran fully supports the agreement and decisions made by OPEC+ as the agreement reached between the alliance’s members and issued in OPEC and non-OPEC producers’ Declaration of Cooperation brings benefits for the global oil market, producers, consumers, and economy.”

The topics of the 187th Meeting of OPEC Conference, he continued, revolved around administrative, financial, and managerial issues that are discussed by member states’ oil and energy ministers biennially. 

EF/MA