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Current oil prices detrimental to producers and market stability- Rouhani

Oil&Gas Materials 20 April 2015 15:54 (UTC +04:00)
Current oil prices are damaging to both producers and market stability, Iranian President Hassan Rouhani said.
Current oil prices detrimental to producers and market stability- Rouhani

Baku, Azerbaijan, Apr.20

By Fatih Karimov - Trend: Current oil prices are damaging to both producers and market stability, Iranian President Hassan Rouhani said.

He made the remarks in a meeting with the new ambassador of Algeria to Iran, Iran's Fars news agency reported April 20.

As the two members of the Organization of Petroleum Exporting Countries, Iran and Algeria should collaborate with other countries to rebalance the oil market, Rouhani added.

Brent crude futures have rebounded from a six-year low of $45.19 a barrel hit in January to trade just below $64, but are still down around 45 percent from last year's peak.

OPEC had said its overall output surged to 30.79 million barrels per day in March, up 810,000 bpd from the previous month, with demand higher than expected due to lower prices.

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