Iran’s New President meets OPEC Secretary to Discuss Oil Boost.


New Iran President Seyed Ebrahim Raisi hosted a meeting with the Secretary General of the Organization of the Petroleum Exporting Countries, Mohammad Sanusi Barkindo, in Tehran.

The meeting took place a day after President Raisi’s inauguration ceremony.

President Raisi thanked the OPEC GP for attending the opening ceremony on Friday.

He also reiterated Uran’s support for OPEC and the decisions made by the DoC.

“We are an active member of [OPEC] and will continue to make good contributions to OPEC,” the President said.

Raisi also paid tribute to Bijan Zanganeh, Iran’s outgoing minister of petroleum and head of it’s OPEC delegation.

He thanked Zanganeh for his long service as minister.

The Secretary General informed the President that OPEC will celebrate the Diamond Jubilee on September 30, 2021 at Al Shaab Hall in Baghdad, Iraq.

Barkindo congratulates Raisi on her success in the June 18 presidential election.

This is because the world’s top oil producers agreed to continue to slightly increase output from August and reached a compromise after the United Arab Emirates blocked the deal earlier this month.

The OPEC+ meeting has decided to increase production by 400,000 barrels per day (bpd) every month from August to aid the global economic recovery as the pandemic subsides, the Vienna-based secretariat said in a media statement.

The group will “evaluate market developments” in December, the statement said. The deal also extends the deadline for limiting production from April next year to the end of 2022.

In early July, talks by OPEC+ members to reduce production cuts stalled due to a dispute between the world’s biggest oil exporter, Saudi Arabia, and its neighbour, the United Arab Emirates.

Since May, the 23-member group, which also includes Russia, has been gradually increasing oil output after slashing demand more than a year ago due to the coronavirus pandemic.

The goal is to return to pre-pandemic production levels, with the alliance still pumping 5.8 million bpd less than before the pandemic.


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