Iran supports any action to help stabilize oil markets
Baku, Azerbaijan, Sep. 6
By Emil Ilgar – Trend:
Iran’s oil minister says Tehran supports any common action by OPEC members that would help stabilize oil markets, SHANA reported Sep. 6.
Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Sanusi Barkindo met with Iran's Oil Minister Bijan Namdar Zanganeh Sep. 6.
During their meeting, Zanganeh didn’t elaborate exactly that Iran is ready to join oil freeze plan, expected to be discussed Sep. 28 between OPEC and some non-OPEC producers in Algeria, but said that any decision of OPEC members bringing stability to oil markets is supported by Iran.
The Iranian minister said OPEC members want an oil price at $50-$60, but $55 is a fair level that is profitable and also prevents increasing oil output by rivals [non-OPEC producers].
Barkindo earlier left Qatar to Tehran to discuss oil freeze issue.
Qatar’s Prime Minister Sheikh Abdullah Bin Nasser met in Doha with Barkindo Sept. 5 and discussed the oil market and other related issues, OPEC's official website reported.
OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.
Zanganeh had earlier confirmed that he would take part in the upcoming meeting, aimed at a "common action" to support the global oil prices.
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 30.69 mbpd.