Iranian Oil Minister Bijan Namdar Zanganeh confirmed that the OPEC + decision does not affect his country's intention to increase oil exports.

Zanganeh announced in a statement to reporters at the 18th ministerial meeting of the OPEC+ group, which was held via video call, yesterday, Friday, that the meeting discussed Iran's return to the oil market, noting that "Iran announced that any decision taken will not affect its determination, and when the ban is lifted, we will return to the market in the shortest possible period and will increase production to at least the level before the ban.”

The Minister of Oil pointed out that "prolonging the duration of the meeting is because some members are violating the quotas set for them," adding that "some members believe that there is unfairness in the distribution of quotas and see that some have larger quotas."

The oil ministers of the group's countries decided to postpone the meeting until next Monday, to allow further consultations on production policy for the remainder of this year.

In a related context, the Iranian Oil Minister announced last April that the capacity of petrochemical industry production in Iran had increased by 25 million tons during the last Iranian year (ended on March 20).

Zanganeh said in a statement during the 15th meeting of the oil and energy ministers of OPEC + that "the last (Iranian) year was a brilliant year for the petrochemical industry, achieving an increase in production by 25 million tons."