Iranian, Saudi ministers hold talks ahead of OPEC summit

Iranian, Saudi ministers hold talks ahead of OPEC summit

Tehran, Iran, June 22

By A. Shirazi - Trend:

Iranian Oil Minister Bijan Zangeneh and Saudi Energy Minister Khalid al-Falih held a meeting in the Austrian capital of Vienna and discussed the latest developments in the global oil market.

The meeting between Zangeneh and al-Falih took place on June 22 ahead of the OPEC meeting on Friday, Shana news agency reported.

The Organization of the Petroleum Exporting Countries will meet on June 22 to decide output policy amid calls from top consumers to cool down oil prices and support the world economy by producing more crude.

The rare meeting between the Iranian and Saudi ministers came as Iran’s assent is vital for OPEC to reach an agreement on raising oil output.

“I don’t think we can reach agreement," Zangeneh told reporters recently after leaving a joint OPEC and non-OPEC ministerial committee in Vienna, while other ministers continued talks.

Iran is usually not part of the committee, which groups Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela. The committee meeting was the last consultation before the OPEC gathering on Friday.

The meeting continued for around two hours after Zangeneh left. Saudi Energy Minister Khalid al-Falih said the overwhelming majority recommended raising output by 1 million bpd, gradually and on a pro-rata basis among participants.

On Wednesday, Zangeneh had left the door open for a deal, saying OPEC members that had overdelivered on cuts in recent months should comply with agreed quotas. That would effectively mean a modest boost from producers such as Saudi Arabia that have voluntarily cut more deeply than planned.

Falih said the exact mechanics of any increase would be decided among all OPEC members on Friday. OPEC sources have said that if a 1 million bpd output hike were approved, Saudi Arabia would add about 0.25-0.3 million bpd to supply.

Zangeneh told CNN on Wednesday that if OPEC returned to regular compliance, the real supply increase from the group would constitute only around 460,000 bpd.

Falih also said the real increase would be smaller than the nominal gain of 1 million bpd, meaning there was still the possibility for compromise with Iran.

OPEC sources also said Iran had demanded that US sanctions be mentioned in the group’s post-meeting communique, as the recent rise in oil prices is a direct result of US measures.

Recently, Hossein Kazempour Ardebili, Iran's OPEC governor, had said Venezuela and Iraq would join Iran in blocking a proposal to increase oil production that is backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna.

Gov't spokesman warns against quick decisions on Iran's nuclear program
Gov't spokesman warns against quick decisions on Iran's nuclear program
Activities of Iran's Arak nuclear reactor to restore soon
Activities of Iran's Arak nuclear reactor to restore soon
JCPOA to holding meeting in Vienna
JCPOA to holding meeting in Vienna
Loading Bars
Latest
Number of enterprises launched in Iran's Fars Province increases
UK records another 16,170 coronavirus cases with 648 deaths
UAE launches satellite Falcon Eye into space
Azerbaijani, Russian FMs hold telephone conversation
Iran ranked among states with high efficiency turbine tech.
Kyrgyz ambassador and Secretary of Senate of Pakistan discuss inter-parliamentary cooperation
Restrictions mulled for New Year celebrations amid COVID-19 outbreak in Turkey
Georgian FM meets with Polish counterpart in Warsaw
Protesters in Yerevan demand Pashinyan's resignation (VIDEO)
Pfizer-BioNTech seeks full marketing approval from UK for COVID-19 vaccine
Kazakhstan eyes attracting latest US technologies in soybeans processing
Kazakhstan's Zhambyl to reduce energy-dependence by attracting investments in renewables
Germany reports record 487 COVID-19 deaths in 24 hours
Belarus reports 1,689 new COVID-19 cases, 139,908 in total
Azerbaijan eyes to use potential of liberated lands for fishery development
UN office announces agenda of special session of General Assembly on COVID-19 initiated by Azerbaijani president
Additional assets brought for Russian peacekeeping contingent delivered - Azerbaijani MoD (PHOTO)
Azerbaijan gains brilliant victory by liberating its lands - Chairman of National Congress of Azerbaijanis of Georgia
Azerbaijani Defense Ministry expresses condolences to Iranian side (PHOTO)
Deposit liabilities of Georgian banking system decreases month-in-month
Phase 3 of OPEC+ could lead to immediate fall in oil prices
Azerbaijan reveals TOP-10 private non-oil exporters
Iranian Energy Exchange announces products to be on sale on December 5
Azerbaijani banks to fully сancel loan debts of martyrs' families
Lending by Georgian commercial banks down
Iran reveals forecast for oil sales for next year
Lari depreciation remains one of leading factors in Georgian debt growth
Georgia decides to ease entry regime for its citizens
Aztelekom LLC announces tender for purchase of electronic spare parts
Bentley hires jets to fly car parts to Britain during Brexit
National Bank of Georgia reveals volume of international reserves
Georgia sees increase in overdue debt
Uzbekistan, Afghanistan eye to achieve twofold growth in trade
Russia discloses volumes of agricultural products supplied to Georgia
Azerbaijan's State Security Service prosecutes Lebanese terrorist mercenary (VIDEO)
Ashgabat City Telephone Network opens tender for audit
EU extends relief measures for COVID-hit loans to March
Turkmenistan expands international cooperation through environmental diplomacy
Iran expands mobile phone imports
Azerbaijani Clean City OJSC signs tender contract
Israel expects $220 million in non-defence trade with Bahrain in 2021
Azerbaijan determines damage inflicted by Armenia on Fuzuli, Jabrayil districts
Turkey to continue providing all kinds of assistance to Azerbaijan - Turkish Minister of National Defense
Iran’s Bahar Azadi gold coin price still rising
Employment increases in Iran's Sistan and Baluchestan Province
Azerbaijan reduces lead exports
Investment in tourism transport infrastructure to help dev’t this sector in Turkmenistan - UNWTO
Georgia expects to start adoption of Oil Stockholding Act soon
Iranian president declares budget revenues for next year
Uzbekistan’s Agrobank to fund entrepreneurial activity under Islamic sharia law
Tightening of quarantine regime may be inevitable - TABIB
Iran expects increase of budget revenues
Georgian CEC to summarize final results of parliamentary elections on December 3
COVID-19 pandemic to displace business class cars from car rental market
Azerbaijan unveils data on local insurers' fees for 10M2020
Building for Turkish-Russian joint monitoring center under construction - Turkish Minister of National Defense
Georgia cultivates significant amount of land to combat marble bugs
Uzbekistan’s Tashkent registers largest number of private enterprises
Tourism can help protect, promote Turkmenistan’s culture - UNWTO
Volume of sales through Azexport portal continues to grow
New electricity facilities to be put into operation in Iran
Japanese agency funds project aimed at improving locust control in Uzbekistan
Georgian oil company trying to contain fuel price rise
Uzbekistan, Germany in talks over partnership with EU
Value of OIC states' import from Turkey shows decline
Azerbaijan's non-oil exports via 'Single Window' system increase
SOCAR Polymer remains export leader in Azerbaijan's private sector
Georgia aims to transpose renewables acquis
Kazakhstan's crude petroleum oil exports to Greece plummet
Construction of Kerki airport passenger terminal being completed in Turkmenistan
Azerbaijan's AzerGold becomes one of export leaders in public sector
Trilateral statement on Karabakh to contribute to long-term peace in region - Kazakhstan's President
Kazakhstan discloses volume of doses to be produced by COVID-19 vaccine plant
ASTS+ trading, clearing system to up productivity of Kazakhstan Stock Exchange
Azerbaijan announces recent COVID-19 death rate
Iran reveals its COVID-19 data for December 2
Azerbaijan presents video footage from Lachin's Garygyshlag village (VIDEO)
Oil prices steady as market awaits output deal
Iran's export to Afghanistan increases
Prices of Kazakh-manufactured diesel fuel down
Azerbaijan's October 2020 non-oil exports slightly rise
Expenses on construction of enterprises in Iran’s Semnan Province climbs
Resources from Southern Gas Corridor to be available via Serbian-Hungarian pipeline
Iran's non-oil export has increases
Iron ore concentrate production of giant Iranian steel companies grows
Events in Belarus, Nagorno-Karabakh region, Kyrgyzstan complicate situation in CSTO area – Putin
Turkmenistan working on development of infrastructure for gas export
Uzbekistan’s State Tax Committee announces tender for IT services
Azerbaijan confirms 3,942 new COVID-19 cases, 2,265 recoveries
Azerbaijan shows video footage from Soyudlu gold deposit of Kalbajar district (VIDEO)
Turkish companies involved in construction of new road to Azerbaijan’s Shusha (Exclusive)
Georgia aims to introduce mobile virtual network operators in 2021
Georgian 2021 budget bill calls for issuing new Eurobonds
Turkmenistan to conclude technical inventory of companies involved in fuel, energy sector
Details of Iran's budget for next year announced
Azerbaijan's oil fund discloses 11M2020 value of revenues from ACG oil-gas fields block
Kazakhstan to develop soil and geobotanical maps for its agriculture lands
SOFAZ's incomes from sale of condensate produced in Shah Deniz remain unchanged
Kazakhstan increases imports from Vietnam despite COVID-19 restrictions
Stability in South Caucasus very important for Turkey - FM
All news