Iran's Zanganeh to take part in Algeria oil meeting

Business Materials 25 August 2016 16:45 (UTC +04:00)
Iran's Zanganeh to take part in Algeria oil meeting

Baku, Azerbaijan, Aug.25

By Dalga Khatinoglu - Trend:

Iran's Oil Minister Bijan Namdar Zanganeh has confirmed that he will take part in the upcoming OPEC meeting in Algeria, aimed at "common action" to support the global oil prices.

"I will participate in International Energy Forum (IEF), which will be held in Algeria," he told Shana news agency Aug.25.

OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.

It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.

Before, Reuters with the reference to OPEC source on August 23 reported that Iran has confirmed it will participate in the upcoming OPEC meeting in Algeria next month, .
Iran has been earlier called on by many countries, the rival Saudi Arabia in particular, to cooperate with the proposal to hold outputs at the January levels.
Tehran has rejected the idea as an imposition of a new set of sanctions on Iran after the country was freed of the economic sanctions in January.
Iran's Oil Ministry has said it suffered a setback from 2.3 million barrels per day (mbpd) of oil export to 1 mbpd under the sanctions, maintaining that it will not consider any freeze until it has made up for the "unjust" setback.