Zangeneh: Oil not a weapon

Zangeneh made the remarks in his statement to the first specialized meeting of International Energy Forum (IEF) in Algeria.

According to IRNA, he said that some use oil as a weapon to harm others and create social and political unrest and economic hardship for others.

He complained that certain governments lowered oil prices to the levels to harm other producers.

He said that politicking the oil market must be avoided and it cannot be used as weapon against others.

He rebuked the consuming blocs for discriminatory policies giving subsidies to coal and levy tax on oil or even gas.

'We ask IFE and new secretary-general to take practical steps to ensure security of supply and demand and protection of environment,' he said.

Currently, low prices as the main challenge of oil market have created negative impacts which will also continue in future, Zangeneh said.

He called for setting fair prices to accelerate investment and secure the production capacity of the oil producers.

'We always adopt measures to stabilize oil market and we will do so if necessary,' he said.

After the removal of sanctions, Iran attempted to boost its output capacity in the oil and gas sectors and has concluded new models of contracts to this end.

The 15th meeting of IEF opened in Algeria on September 26 and will work until September 28.

OPEC informal meeting will also be held on the sidelines of the 15th Meeting of IEF to discuss output cuts.