President Muhammadu Buhari will on Sunday, November 22, jets out of Abuja to Tehran, the capital of Iran where he is expected to participate in the 3rd Gas Exporting Countries’ Forum (GECF) slated for Monday, November 23.
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Zanganeh said he was due to meet with Russia’s Energy Minister Alexander Novak in Tehran to discuss the oil market.
Adeli was elected to serve as GECF secretary-general for a second two-year term in a foreign ministerial meeting of GECF member states in Tehran.
Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela are the member countries of the forum.
Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru have the status of observer members.
On Saturday, Zangeneh also told reporters that Iran’s priority is the completion of its natural gas production plants and exporting infrastructure.
Iran possesses the world’s largest proven gas reserves, with a potential to become a top producer.
Zanganeh also said OPEC needed to manage the return of Iranian oil production within its current ceiling.
Crude futures have already lost around 60 per cent of their value since mid-2014 as supply exceeds demand by roughly 0.7 million to 2.5 million barrels per day to create a glut that analysts say will last well into 2016.
“Increasing crude exports (in the worldwide market) is Iran’s inalienable right and we do not need the permission of anybody or any organization in this regard”, Zangeneh said. Iran said earlier today it planned to boost oil production by 1 million barrels a day.
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Under a deal reached with six major powers in July, Iran agreed to curb its nuclear programme in exchange for an end to economic sanctions imposed on the country in 2012 over the programme.
