Iran’s Minister of Petroleum, Bijan Zangeneh, said the decision made during OPEC Plus meeting today will not increase oil prices, adding high prices will not work to the group’s advantage in the long run, SHANA reported.

Zangeneh made the remark after the 19th OPEC and non-OPEC Ministerial Meeting, held via video conference on Sunday, stating OPEC+ members decided to bring 400,000 bpd of crude oil back to the market monthly to December 2022.

He stressed Iran’s return to the market will affect all these and OPEC+ cannot ignore Iran’s return.

On the effect of today’s meeting on oil market, Zangeneh said it will not increase prices and no demand-supply imbalance will occur.