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News // Middle East and OPEC

Iranian Minister of Petroleum: Iran supports any decision by oil producers to stabilize market

07 September 2016 , 10:00Neftegaz.RU715

According to iranian Shana, Minister of Petroleum Bijan Zangeneh said on September 6, 2016, that Iran would support any decision by crude oil producers that would bring stability back to the oil market.


Zanganeh made the remarks addressing the press after a meeting with Mohammed Sanusi Barkindo, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), in Tehran on Tuesday, September 6.

Barkindo arrived in Tehran Monday night. This is the first visit to Iran by Barkindo in his new post as OPEC Secretary General.


After a meeting with OPEC Secretary General, Iranian Minister of Petroleum Bijan Zangeneh mentioned the oil price in the world markets, he noted that most OPEC members favor a price of $50 or $60 per barrel for OPEC basket.

Zanganeh told reporters, that the price of oil at $55 per barrel would be suitable, saying, «This price makes production of oil by OPEC members profitable, economical and useful, while preventing the rivals from raising their output.»


Elsewhere in his remarks, Zanganeh pointed to Barkindo’s first visit as general secretary to Iran and said, «We will continue supporting him in his new position.»


Barkindo, for his part, expressed his appreciation for Iran’s support and its positive role in the global oil market and said that Iran has been his priority among OPEC member states to visit.


Barkindo’s visit is ahead of a meeting between OPEC members to be held in Algeria on September 26-28, 2016, on the sidelines of the International Energy Forum.


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