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Iran has announced the conditions for joint actions with OPEC to stabilize the oil market

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Iran has announced the conditions for joint actions with OPEC to stabilize the oil market

Iran has announced the conditions for joint actions with OPEC to stabilize the oil market
August 29
16:00 2016

On Friday Iranian Oil Minister Bijan Namdar Zanganeh said that Iran would provide assistance to other oil-producing countries to stabilize the world market if the other members of OPEC recognized Iran’s right to restore its market share.

Iran is the third largest producer of raw materials in OPEC. After the removal of Western sanctions, Iran increased its oil production in January.  The country was forced to give up the accession to the OPEC organization and other countries that are not OPEC members, but tried to come to an agreement to suspend the production of raw materials earlier this year.

Also, Bijan Namdar Zanganeh commented the proposal to freeze oil production, noting that Iran supported any action to stabilize the situation on the market.

“Iran will cooperate with OPEC to help recover the oil market, but we expect that the others will respect Iran’s right to return the lost market share”.  This is a quote from the statement of the Minister given by the news agency SHANA.

Tehran says it will be ready to cooperate, when the level of oil production reaches 4 million barrels per day, which was the rate before sanctions. According to the OPEC data, Iran was producing 3.6 million barrels of oil daily in July.

The minister said that Iran wasnot guilty of the market destabilization as the price drop began when Iran’s exports amounted to less than 1 million barrels per day.

The meeting of the OPEC representative will be held in the capital of Algeria on 26-28 September on the sidelines of the International Energy Forum, in which oil producers and consumers are going to participate.

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2 Comments

  1. Eva Novak
    Eva Novak August 29, 18:01

    Seeing that Iran is not going to freeze the production, other countries, for example, Saudi Arabia, will probably give up this idea, too

    Reply to this comment
  2. Adam
    Adam August 29, 20:12

    According to experts, the oil market will be balanced regardless the result of the agreement

    Reply to this comment

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