OPEC has raised, stabilised crude oil price – Iran oil minister
The Iran minister of oil on Monday said the Organisation of Petroleum Exporting Countries (OPEC) has managed to raise crude prices and stabilise the oil market.
“OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilised,” Bijan Zanganeh was quoted on Monday as saying by his ministry’s website SHANA.
A group known as OPEC+, agreed record output cuts to tackle the fallout from the COVID-19 pandemic. Zanganeh said Iran’s oil industry has signed 13 contracts worth roughly €1.5 billion with 14 local firms to enhance and maintain the country’s oil production.
In 2018, the United States President Donald Trump pulled the US out of Iran’s 2015 nuclear deal with six powers and reimposed sanctions that have sharply cut Iran’s oil exports.
“We welcome the participation of all foreign companies in the development of oil industry projects except companies from Israel, but we will continue our work even without their participation in our projects,” Zanganeh said.
Fearing U.S. penalties, foreign companies have stayed away from investing in Iran. Tehran does not recognise Israel.
-With Reuters report