Zanganeh says gradual increase in OPEC Plus oil production is a wise decision

Tehran (IP) - Iranian Oil Minister said that given the uncertainty of the oil market, the decision to gradually increase OPEC Plus oil production is a wise decision.

Iran PressIran news: On Thursday, after the twelfth OPEC Plus ministerial meeting, Iranian Oil Minister Bijan Namdar Zanganeh said: "the decision was made to decrease OPEC Plus production by 7.2 percent or 500,000 barrels in January 2021.

He went on to say: "OPEC Plus ministerial meetings will be held in the coming months, but the facilitation of agreement over decreasing production level should not be more than 500,000 per day in each month."

The Iranian oil minister said that the meeting emphasized decisions would be made in future meetings for the coming months, adding: "The next decisions are not necessarily to increase production and the level of reducing production may increase according to market conditions." 219