Iran to oppose oil production restrictions within OPEC+

Iran will oppose new oil production restrictions at the OPEC and OPEC+ meeting and will try to maintain its share in the oil market, Report informs, citing Iran's Oil Minister Mohsen Paknejad.

The 57th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries will be held in Austria on December 1.

"Iran will seek to prevent oil production restrictions at the upcoming OPEC and OPEC+ meeting in Austria. We want to maintain our share in the oil market under the current conditions," the minister said.

According to him, Tehran currently has no concerns about oil sales and exports, as certain measures have been taken that will allow continuing trade in oil products "under any conditions."

OPEC+ countries decided to postpone oil production recovery for another month. Eight alliance countries (Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman) will continue to voluntarily reduce production by 2.2 million barrels per day until the end of December. Initially, production recovery was supposed to gradually begin in October, but in September, OPEC+ decided to postpone it for two months, until December.