OPEC decision effects low quality oil production

Iran's Oil Minister Kazem Vaziri Hamaneh this week termed the 143rd OPEC meeting in the Nigerian city of Abuja as one of the most successful ever held over the past year.

Hamaneh made the remark while briefing domestic and foreign reporters on the outcome of OPEC session.

The minister said that at the OPEC Market Monitoring Committee meeting, which was held prior to the official OPEC meeting, the result of Doha meeting was discussed.

"The OPEC decision to reduce 1.2 million barrels of OPEC member states oil output at Doha meeting affected the growing trend of the world crude oil reserve. Such a decision has prevented crude oil reserve from growing.

"Given the excess of oil in the market, the drop in OPEC oil production actually was reduction in production of low quality oil which has no impact on the world current trend," he added.