Tehran (IP) - Iran's Oil Minister says the global market needs the increase in oil supply by Iran.

Iran PressIran news: Iran's oil Minister Javad Owji said that despite some tensions in the international sphere for economic growth, the oil global market was going toward stability but there were concerns about the shortage of supply in the months ahead.  

Owji made the remarks on Thursday after the end of the 30th round of the ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC Plus).  

He referred to the fuel price hikes in various countries due to the recent economic changes in the world and said the global oil market was in such a situation that the return of the Iranian oil could meet the needs of some customers and help create balance in the global markets.

The Islamic Republic of Iran had always emphasized that the disruption of energy security and the intensification of market fluctuations was a lose-lose game for all players in the field.

"As the largest possessor of oil and gas reserves of the world, we are ready to increase crude oil production to the pre-sanctions levels as soon as possible," the oil minister said. 219

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