Iranian Minister of Petroleum Javad Owji said on Tuesday that Iran, as a leading producer of oil and oil products stands ready to help increase global energy security.
Owji, who was speaking at an OPEC+ ministerial meeting, made the remarks in a reference to an exacerbating energy crisis in Europe and globally.
He voiced Iran’s readiness to supply more oil to the international markets without any political concerns.
In its latest update, the OPEC+ has put the surplus supply to global oil demand in 2022 at 400,000 bpd which is 600,000 bpd fewer than last month forecasts, the minister said, adding that the global energy market is in dire need of more increased supply of Iranian oil.
Owji elaborated on the energy crisis in Europe, noting that natural gas price has increased in some European gas hubs to nearly $70 for 1 million BTU which is equivalent to an oil price of higher than $400 per barrel.
Although the European leaders are trying to compensate for the lack of energy and reduce the severity of the crisis with some decisions in the field of their energy policies, a stable and reliable supply of energy resources, specifically oil and gas, is an essential requirement, especially as the autumn and winter seasons approach, the minister said.
He predicted that growing gas prices will drive the Europeans to consume oil and oil products.