Iran Focuses On Strengthening OPEC Relations And Building Alliances With Non-Members - Minister

(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 5. Iran plans to enhance unity among OPEC (Organization of the petroleum Exporting Countries) member states and strengthen collaboration with non-OPEC allies in 2025, with a focus on benefiting oil consumers, said Mohsen Paknejad, Iran's Minister of Oil, during a meeting with OPEC's Secretary-General, Haitham al-Ghais, in Tehran on February 5, Trend reports.

Paknejad emphasized that as a founding member of OPEC, Iran is committed to fostering long-term stability in the global oil market, supporting the organization's decisions responsibly.

"This organization has been crucial in strengthening solidarity within the OPEC+ alliance and fostering a constructive understanding with global energy consumers," he said.

Paknejad highlighted that several of the world's largest consumers are increasingly concerned about the state of the global oil and energy markets. This uncertainty, he argued, stems from political decisions within OPEC+ member countries aimed at exerting pressure on the alliance, which in turn restricts new investments in the oil sector.

The Iranian oil minister stressed that the key to energy security - both in the oil market and beyond - lies in preventing political interference. He warned that sanctions targeting the world's largest oil producers and ongoing pressure on OPEC would only serve to destabilize global oil and energy markets.

Iranian Oil Minister Mohsen Paknejad was appointed as the rotating chairman of OPEC for 2025 during the 189th OPEC meeting on December 10, 2024.

To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can extract 340 billion barrels of this gas with existing technological equipment. Iran can utilize about 30 percent, and 70 percent remains unutilized underground.

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