Oil Prices Increased Slightly After Doha and Tehran Meetings

Oil prices in global markets increased by more than 5% one day after a quadrilateral meeting of the oil ministers of Iran, Venezuela, Iraq, and Qatar in Tehran. According to the website 'OilPrice.net', the price of a barrel of North Sea Brent oil rose by $2.30 to $34.50 on Thursday, indicating an increase of about 7%. Accordingly, the price of West Texas Intermediate oil also rose by nearly 6%, reaching just under $31. The upward trend in oil prices had begun even before the meeting of the four OPEC oil ministers. Bijan Namdar Zangeneh, Iran's Minister of Oil, emphasized on Wednesday, after the conclusion of the Tehran quadrilateral meeting, that 'Iran supports any action aimed at stabilizing market conditions and improving crude oil prices.' This week, two meetings were held between the oil ministers of oil-producing and exporting countries in Tehran and Doha, Qatar, focusing on examining the oil market and finding solutions to improve prices, with the immediate effect of these meetings being an increase in oil prices in global markets. On Tuesday, February 26, 1994, the oil ministers of Saudi Arabia, Russia, and Qatar met and discussed in Doha, Qatar. The day after that, the Qatari Minister of Industry and Energy, who holds the rotating presidency of OPEC, attended a meeting in Tehran with the oil ministers of Venezuela and Iraq. Bijan Zangeneh described the joint meeting with his three counterparts as a 'good meeting' and explained that in this meeting, 'it was decided that OPEC and non-OPEC members would maintain their production ceilings to stabilize the market and improve prices for the benefit of consumers and producers, and this subject is supported by the Islamic Republic.' The Iranian oil minister described the meetings in Doha and Tehran as a 'first step' towards improving market conditions and stated, 'Further steps must also be taken; the beginning of cooperation among member and non-member countries to improve market conditions is a cause for happiness.' Zangeneh also clarified that the quadrilateral meeting in Tehran discussed Iran's return to the global oil market in the post-sanctions period, which, according to the Iranian oil minister, 'they looked at this reality with a logical perspective.' On Wednesday, Mehdi Asali, Iran's representative at OPEC, emphasized in an interview with Shargh newspaper that Iran cannot bear the cost of balancing the oil market. Bijan Zangeneh also reiterated Iran's position regarding increasing production and reclaiming market share. According to the Minister of Oil of the eleventh government, 'Iran is determined to increase its production and will not give up its share in the market.' According to OPEC's report, the price of the organization's oil basket slightly decreased to $28.18 on Wednesday compared to the previous day. Before sanctions, Iran exported 2.2 million barrels of oil daily, but during the sanctions, this amount fell to about one million barrels, and reports indicate that after the implementation of the JCPOA, this amount increased to 1.3 to 1.4 million barrels. Oil prices these days fluctuate below $30 per barrel, reaching the lowest price in the past 12 years.