Iran's ready to join oil freeze plan

EghtesadOnline: A senior Iranian oil official here on Monday voiced Tehran readiness to join the Organization of Petroleum Exporting Countries (OPEC) oil freeze plan to help stabilize prices in international markets.

News ID: ۷۳۷۶۸۸

25 October 2016

Talking to IRNA, Deputy Minister of Petroleum Amir Hossein Zamaninia said the oil price range of 55-60 dollars per barrel is fair and suitable for bringing stability in the market.

Commenting on the recent OPEC summit held in Algeria, he expressed hope that the decisions made in the meeting could become operational in November and a proper balance could be created between the interests of oil producers and consumers.

Citing oil price range of 55-60 dollars per barrel as reasonable, Zamaninia anticipated that the mentioned price could be reached in 2017 in the international oil market.

In Sept 2016, Minister of Petroleum Bijan Zangeneh said Iran supports the role of OPEC in oil market, saying that some people have weakened OPEC and downgraded it just to an assembly in the past two years.

The minister said that OPEC should create sustainable income and maximize the income of its members, but the international body has lost its function in the past two years.