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EghtesadOnline: Iran's Oil Minister Bijan Namdar Zanganeh will attend a meeting of OPEC and non-OPEC committee that monitors output compliance, known as JMMC, in Algeria in September.

Zanganeh’s goal in participating in the meeting is to preserve Iran’s oil market share, Reuters reported.

The meeting is scheduled to take place six weeks before US sanctions on Iran’s oil industry take effect on Nov. 4.

After months of underproduction, the Organization of Petroleum Exporting Countries agreed with Russia and other oil-producing allies to raise output from July by returning to 100% compliance with previously decided cuts. That would mean an output increase of roughly 1 million barrels per day, Financial Tribune reported.

Last week, Zanganeh sent a “letter of complaint” to his UAE counterpart after noticing that some OPEC members were trying to adjust output, according to Shana, Oil Ministry' news agency.

Zanganeh told UAE Energy Minister Suhail al-Mazrouei, who holds the OPEC presidency in 2018, that JMMC should not distribute output increases among other producers.

Zanganeh’s comments underline the still-simmering tensions after OPEC’s June meeting.

Saudi Arabia said the deal allowed countries able to produce more to meet the group’s overall conformity level, meaning some members, such as itself, could make up for shortfalls elsewhere.

Iran, which faces US sanctions, disagreed and criticized Saudi plans to boost output above targeted levels.

JMMC is chaired by Saudi Arabia and due to meet next on Sept. 23 in Algeria. Iran is not on the committee, which also includes Russia, the UAE, Oman, Kuwait, Algeria and Venezuela.

 

Opec Bijan Namdar Zanganeh Zanganeh output compliance JMMC