According to the Greek ENERGIA website, the Iranian State News Agency (IRNA) reported that Iranian Oil Minister Gholam Hossein Nozari stated on September 2 that OPEC must take control of its members’ excessive oil production. He emphasized that oil supply and demand should be balanced in a proportional manner. Controlling OPEC’s unregulated output has become a key topic for discussion at the upcoming OPEC ministerial meeting scheduled for September 9.
The 13 OPEC member countries will hold a formal meeting in Vienna, Austria, at the OPEC headquarters on September 9 to review the organization’s production policies for the coming months. Nozari highlighted that some OPEC nations have been producing far beyond their allocated quotas, leading to an oversupply in the market. He added that Iran will push for stricter measures against these over-producing members during the meeting.
In June, Saudi Arabia, the largest OPEC producer, announced plans to increase its daily crude oil output from 9.45 million to 9.7 million barrels. This rise in production, along with declining global demand, has contributed to a drop in international oil prices—from a record high of $147.27 per barrel in July to around $107 today. Iran, the second-largest OPEC producer after Saudi Arabia, is closely monitoring the situation and advocating for greater discipline among member states to stabilize the market.
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