Iran plans to oppose new oil production restrictions during the upcoming OPEC and OPEC+ meeting, aiming to preserve its share of the global oil market. This was stated by Iran's Minister of Petroleum, Mohsen Paknejad, in an interview with the country's state broadcaster.
The 57th meeting of the OPEC+ Joint Ministerial Monitoring Committee is scheduled to take place in Austria on December 1.
“Iran will work to prevent any production limits at the upcoming OPEC and OPEC+ meeting in Austria. We are determined to maintain our market share under the current circumstances,” Paknejad declared. He emphasized that Tehran is not concerned about selling or exporting its oil, as measures have been implemented to ensure continued trade “under any conditions.”
On November 11, US Congresswoman Elise Stefanik, who may be appointed US ambassador to the United Nations by President-elect Donald Trump, announced that Washington would maintain its “maximum pressure” policy against Tehran. Reports from The Wall Street Journal suggest Trump is preparing to significantly tighten sanctions on Iran, aiming to block its oil exports.
Paknejad noted on November 13 that Iran is prepared for any scenario after Trump’s return to the White House in January 2025, including potential restrictions on Iranian oil exports.
Since the first quarter of 2024, eight OPEC+ countries, including Russia and Saudi Arabia, have voluntarily reduced oil production by 2.2 million barrels per day. While these nations initially planned to gradually restore production starting in October 2024, the increase has been postponed until the end of the year.
Additionally, three countries—Russia, Iraq, and Kazakhstan—have been tasked with compensating for unmet production cut commitments by September 2025.
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Based on TASS materials