OPEC has managed to raise crude prices and stabilize the oil market; OPEC member Iran's oil minister was quoted on Monday as saying by his ministry's website SHANA.
“OPEC's performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized,” Bijan Zanganeh said.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, agreed record output cuts to tackle the fallout from the COVID-19 pandemic.
Zanganeh said Iran's oil industry has signed 13 contracts worth roughly 1.5 billion euros with 14 local firms to enhance and maintain the country's oil production.
In 2018, US President Donald Trump pulled the United States out of Iran's 2015 nuclear deal with six powers and reimposed sanctions that have sharply cut Iran's oil exports.
“We welcome the participation of all foreign companies in the development of oil industry projects except companies from Israel, but we will continue our work even without their participation in our projects,” Zanganeh said.
Fearing US penalties, foreign companies have stayed away from investing in Iran. Tehran does not recognize Israel.
Oil dips near $40 with OPEC+ starting to unwind output cutsOil edged lower near $40 a barrel in New York as OPEC and allied producers started supplying more crude to a global market where many countries are ... Energy
Russia slightly raises oil output ahead of planned OPEC+ taperingRussia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month.The nation’s ... Energy
OPEC output in July surges as voluntary cuts by Saudi, Gulf allies endOPEC oil output has risen by over 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply ... Energy
Coronavirus: OPEC trims 2020 oil demand by 9 mbpd, sees doubts about 2021World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC ... Coronavirus