Iranian Minister of Petroleum, Bijan Zangeneh, said that Iran wants a quota system of production to be reinstated in the Organization of Petroleum Exporting Countries (OPEC), SHANA reported.
Speaking to reporters upon his arrival in Vienna to attend the OPEC’s 169th ordinary meeting on June 2nd, Zangeneh stressed on the importance of the quota systems saying that OPEC cannot control anything if it doesn’t set individual country production quotas.
The minister also stressed that Tehran deserves a high quota based on its historic output, according to CNBC. “Iran expects fellow OPEC members to understand Tehran’s status which is trying to bring its market share and production level after years of draconian sanctions to the pre-sanctions levels,” he said.
In addition, he informed that Iran is currently producing more than 3.8mb/d and and that the country is targeting 4.8m b/d in the next five years, Teletrader wrote.
In the same scenario, the director of OPEC Affairs Department at the Iranian Ministry of Petroleum told SHANA that “Iran supports any OPEC move to induce stability to oil market with fair and logical prices.”