Buhari Departs For Iran On Sunday To Attend Gas Exporting Countries’ Forum

President Muhammadu Buhari will depart Abuja Sunday for Tehran to participate in the 3rd Gas Exporting Countries’ Forum (GECF) opening in the Iranian capital on November 23, his Special Adviser on Media and Publicity said on Friday.

It also seeks to encourage more governments to join the GECF, he added.

Saudi Arabia, as the world’s top oil producer and OPEC’s de facto leader, since OPEC’s November meeting previous year has protected its oil market share at all costs by not decreasing production, throwing down the gauntlet, not only at what the Kingdom must truly despise (upstart US shale oil producers) but also punishing other OPEC members, especially Venezuela, who is on the verge of financial collapse since the more than halving of oil prices since mid-June 2014.

Energy Ministers of the countries of the Gas Exporting Countries Forum elected secretary general of the organization for the next two years, the Iranian representative Hossein Adeli. Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru participate in it as observers.

Asked about Iran’s plan to export gas to Europe, he said that “Iran’s gas exports to European countries need time”.

“We would definitely not like to sell oil at 20 or 30 dollars per barrel; however, the Islamic Republic of Iran will not give away its share of the market to any other country in the worst scenario”, oil minister underlined. Iran said earlier today it planned to boost oil production by 1 million barrels a day within the next 5-6 months.

“I sent a letter to OPEC to consider our return to the market and to manage it”, Zanganeh said.

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.