Rouhani: OPEC responsible to restore oil market stability
Baku, Azerbaijan, Sept. 7
By Aygun Badalova - Trend:
OPEC has the responsibility to restore oil market stability, and Iran will continue to support these endeavours and help bring fair prices that are conducive to both producers and consumers, Iran’s President Hassan Rouhani said at the meeting with OPEC Secretary General Mohammad Sanusi Barkindo.
Rouhani noted that Iran had suffered greatly under sanctions, and it was vital for the country to make up for its lost oil production, said the message from OPEC.
Barkindo in his turn stressed that he will continue to work with all member countries to overcome the challenges and uncertainties facing the current oil market. He called for maximum flexibility and accommodation among member countries to help achieve market stability.
OPEC Secretary General also underlined the key role Iran has played within OPEC to achieve market stability and fair prices in the past.
Iran’s oil output stood at 3.9 million barrels per day (mbpd) before sanctions brought it down to 2.8 mbpd. The output now stands at 3.7 mbpd.
Saudi Arabia and some other countries used Iran’s partial absence from the market under sanctions to export beyond their OPEC quotas, with a result that the OPEC output for July stood at 33.69 mbpd while the official ceiling is 30.45 mbpd.
The informal OPEC meeting is expected in late September in Algeria. It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.
The meeting will be held at the fringe of the International Energy Forum in Algiers on 26-28 September.