Zangeneh calls for revival of quota system in OPEC

EghtesadOnline: Minister of Petroleum Bijan Zangeneh on Tuesday called for revival of the quota system of the Organization of Petroleum Exporting Countries, saying that there is no alternative to the quota system.

News ID: ۷۶۹۸۵۵

28 September 2016

According to IRNA, he made the remarks in a press conference prior to the beginning of the 15th International Energy Forum (IEF) in Algiers.

Zangeneh supported role of OPEC in oil market, saying that some people 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.

Asked whether Saudi Arabia has offered any proposal to stabilize Iran's oil production at the level of 3.6 million bpd? Zangeneh said that Saudis have not offered any proposal to Iran.

Zangeneh made clear that it is the IEF meeting and not that of the OPEC, but, it is an opportunity to initiate dialogue among the participants.

On the sidelines of the 15th International Energy Forum in Algiers on September 26-28, members of OPEC are to consider the plan of output cuts.

In case of agreement among oil producers, it is expected to create stability in market by prevention of oil surplus and that the ceiling of output in the year 2016 and first half of 2017 would be fixed.