Speaking to Shana, Mehdi Ghazipour said even though Saudi Arabia has political issues with Iran, it agreed with the OPEC production cut plan because it decided to prefer economic gains over political issues.
He said the OPEC deal can create value added in the country once domestic and foreign investments are made in the petroleum industry by raised oil prices in the market.
The economist lauded the Iranian Ministry of Petroleum's performance in the post-sanctions setting, adding that domestic and foreign developers need to support the ministry in its projects in the new era.
After months of talks and rounds of meetings, OPEC finally sealed a deal on November 30 to cut production by about 1.2 million barrels per day (bpd), or about 4.5 percent of current production, to 32.5 million bpd.
Two months ago in Algiers an agreement was outlined based on which the OPEC and non-members were obliged to cut their productions in order to stabilize the market.
Your Comment