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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Iran ready to bolster global energy security: Minister

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Sep 2022 13:41
3 Min Read

Iranian Oil Minister Javad Owji says his country is ready to help stabilize energy security around the world thanks to his country's vast resources.

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  • Iranian Oil Minister Javad Owji
    Iranian Oil Minister Javad Owji (SHANA)

The global energy market needs more of Iran's oil, Iranian Petroleum Minister Javad Owji said Monday, stressing that his country is ready to play a role in providing for the global supply chain away from politics.

The Iranian statement came after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to cut production by a small margin. 

OPEC+ declared Monday its intention to resume oil production at the August level and cut it by 100,000 barrels per day (BPD) in October.

"[OPEC+ decodes to] Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was intended only for the month of September 2022," the intergovernmental organization said in a statement.

"We have always declared that we are ready to contribute to our role in the supply of oil and oil products and to improve energy security in the world by avoiding politicization of oil and the political use of energy," Owji stressed.

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In the wake of the OPEC decision, the White House said US President Joe Biden was committed to taking all necessary steps to increase energy stockpiles while decreasing energy prices that have been on a sharp incline over the past few months.

"The president has been clear that energy supply should meet demand to support economic growth and lower prices for American consumers and consumers around the world," White House Press Secretary Karine Jean-Pierre said in a statement.

Biden had previously tried to convince the organization to increase its oil output in a bid to cool the red-hot energy prices, traveling to Saudi Arabia with hopes of persuading Saudi Arabia to promise to increase its oil output and relieve the pressure on the global supply chain.

However, the price of oil rose even further after he left West Asia without striking a deal with Saudi Arabia on Riyadh pumping out more oil.

Attempting to curve the prices of oil in the US when all else failed, Washington has been actively using its Strategic Petroleum Reserve (SPR) for over a year. 

At the current pace of oil production, the reserves will shrink to a 40-year low with only 358 million barrels remaining by the end of October. Last year, the SPR location in Texas and Louisiana reportedly contained 621 million barrels. According to official information, the US is set to stop extractions from SPR in October.

  • United States
  • OPEC
  • OPEC+
  • Saudi Arabia
  • Iran

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