OPEC committed to maintaining oil prices

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14 December 2020

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Vienna, Dec 14 (Prensa Latina) OPEC is committed to maintain the price of crude oil and has the mechanisms to do so, Iran's Oil Minister Bijan Zanganeh said today.

At a press conference, Zanganeh explained in general terms that compliance with the agreements of the Organization of the Petroleum Exporting Countries (OPEC) and other producers is good.

Some members, he said, hope that those who were unable to meet their quotas in recent months will make up for it until March 2021.

Regarding the Joint Ministerial Monitoring Committee, he recalled that it functions as a supervisor for OPEC and its allies. It is not a decision-making body, he pointed out and specified that they monitor the status of compliance with production adjustments but are not decision-makers.

Recently, OPEC and other producers agreed to ease their production cuts since January by 500,000 barrels a day.

On the other hand, the rating agency Moody's predicted that the oil and gas sector will remain stable in 2021, due to the modest improvement in the price of crude oil, which will encourage producers to limit capital investment.

However, he stressed that despite the increase in demand for fuel, it will not reach the levels prior to the health crisis.