Oil price recovery difficult: Iran minister
Iranian Oil Minister Bijan Namdar Zanganeh says it is difficult for falling crude oil prices to rebound any time soon, PressTV reported.
"Returning to previous oil prices is difficult, but we should modify prices as much as the new market situation allows," Zanganeh said after a meeting with Venezuelan Foreign Minister Rafael Ramirez in Tehran on Saturday.
He said member states of the Organization of the Petroleum Exporting Countries (OPEC) feel the need to boost cooperation to bring stability back to the market.
Zanganeh said every oil-producing country is obliged to fulfill its responsibilities with regard to the oil market and hoped for cooperation between the OPEC and non-OPEC oil producers to that effect.
Zanganeh's remarks come as the 166th ministerial meeting of OPEC is scheduled to be held in Vienna on November 27 to discuss sharp reduction in oil prices.
Oil prices have plunged in Asia, with analysts laying the blame on the rise in the value of the US dollar and the improbability that the intergovernmental OPEC body cuts crude output.
On Thursday, the price of Brent crude oil slipped to below USD 80 a barrel, marking a fresh four-year low.
OPEC is a Vienna-based intergovernmental organization of 12 oil-producing countries, which groups Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
OPEC members pump about 40 percent of the world's oil with Iran being currently the organization's third largest oil producer.