According to the Greek ENERGIA website, the Iranian State News Agency (IRNA) reported that Iranian Oil Minister Ghazanfar Hosseini Nazari emphasized on September 2 that OPEC must take control of its members’ excessive oil production. He stressed that oil supply and demand should remain in balance, highlighting the need for stricter oversight over OPEC’s unregulated output.
Nazari pointed out that the issue of uncontrolled production will be a key topic during the upcoming OPEC ministerial meeting scheduled for September 9. The gathering, held at OPEC headquarters in Vienna, Austria, will focus on reviewing the organization’s production policies for the remainder of the year.
He noted that some OPEC members have been producing far beyond their allocated quotas, which could destabilize global markets. Iran, as the second-largest producer in the group, is expected to push for stricter enforcement of production limits at the meeting.
In June, Saudi Arabia, OPEC’s largest producer, announced plans to raise its daily crude output from 9.45 million to 9.7 million barrels. This increase, along with a drop in global demand, has contributed to a decline in oil prices. International crude prices fell from a record high of $147.27 per barrel in July to around $107 today.
With rising production from key members and weaker demand, OPEC faces growing pressure to stabilize the market. Nazari’s remarks signal a call for greater discipline among OPEC nations to prevent further price volatility and ensure long-term market stability.
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