Zanganeh: Political Agendas Exploiting Oil Market

EghtesadOnline: The global oil market is “unstable and fragile”.

News ID: ۷۴۷۶۰۹

19 June 2019

Oil Minister Bijan Namdar Zanganeh told his Russian counterpart Alexander Novak in a meeting in Tehran on Monday, Shana, the Oil Ministry's news portal, reported.

“We discussed the international oil market. It is my opinion that the market is highly manipulated by political agendas,” Zanganeh said.

The two sides also talked about the next OPEC+ meeting, Financial Tribune reported.

The Organization of the Petroleum Exporting Countries and partners including Russia, an alliance known as OPEC+, have been considering since last month moving the date of their policy meeting in Vienna to July 3-4 from June 25-26.

Novak favors postponing the meeting to early July to avoid clashing with G20 meeting in Japan in late June, while Zanganeh wants to keep the original schedule, informed sources have said.

After the meeting, Zanganeh said, "I still disagree with the early July date, but I can attend if the date is shifted to July 10-12,"

For that to happen, more consultation will be needed as the entire OPEC+ coalition would have to be asked and then agree to the new dates.

The ministers also discussed cooperation within the  framework OPEC deals, Russia’s Energy Ministry said in a statement after the meeting.