Oil market is on the right track, according to Iran's oil minister
Iran’s oil minister Javad Owji said that the oil market is on the right track after decisions made by OPEC+, the semi-official Iranian news agency Tasnim reported on Wednesday, Alarabiya News reported, citing Reuters.
Oil market is on the right track, according to Iran's oil minister
The Economics of Geography

Oil market is on the right track, according to Iran's oil minister

Photo: iStock
Eurasia 29/05/2023 06:00

Iran’s oil minister Javad Owji said that the oil market is on the right track after decisions made by OPEC+, the semi-official Iranian news agency Tasnim reported on Wednesday, Alarabiya News reported, citing Reuters.

“Iran and Russia have the same views inside OPEC+,” Owji added on the sidelines of an Iranian-Russian conference of economic cooperation held in Tehran, according to the news site.
Photo: iStock
OPEC and its allies led by Russia, known as OPEC+, agreed to cut production in late 2022 to support the market as the economic outlook worsened, hitting prices.

Then in a surprise move in early April, Saudi Arabia and other OPEC+ members announced further oil output cuts of around 1.2 million barrels per day.
Source: AFP/Anadolu Agency/Elmurod Usubaliev

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