Additional 75,000 bpd Oil Supply Will not Affect OPEC+ Output

Iran’s Minister of Petroleum, Bijan Zangeneh, said on Tuesday that the 75,000 bpd increase in Russia and Kazakhstan oil production in February and March will not influence OPEC+ output and world market.

Due to Russia and Kazakhstan’s problems and their agreement with Saudi Arabia, both countries will raise their oil output by 75,000 bpd in February which will increase to 150,000 bpd in March, Zangeneh said on the second day of the 13th OPEC and non-OPEC Ministerial Meeting held on Tuesday via video conference.

Such an increase will have no measurable effect on OPEC and non-OPEC output, he said, adding, “These two countries have some internal problems, and did not aim to change the amount and wanted to comply with the pact.

These countries consume more fuel as it is winter, he said, adding, compared to 40 million bpd oil production, the output rise will not affect global market.

Asking about whether another country will voluntarily cut its output to compensate for the increase, he said, “it has not been officially announced but may be declared in press conference.”