Zanganeh: OPEC members expected to welcome Iran comeback to oil market

EghtesadOnline: Minister of Petroleum Bijan Zanganeh said on Wednesday that members of the Organization of the Petroleum Exporting Countries are expected to welcome comeback of Iran to oil market mainly after lifting the sanctions and restoring the output quota.

News ID: ۷۶۹۹۰۹

01 October 2016

The efforts made by Algeria to bring closer the stands adopted by other countries is very valuable, he said.

Iran has always spared no efforts to move in line with the policies adopted by OPEC members for regulating the market, he said.

He expressed concern about the current stalemate in the oil market, calling for the OPEC and non-OPEC oil producers to help regulate the market, according to IRNA.

The Islamic Republic of Iran, Algeria and Venezuela have common stands on OPEC related issues, he said.

Regretfully and due to wrong policies of some OPEC members from November 2014, the oil producers have suffered losses, he said.

The 15th International Energy Forum (IEF) kicked off in Algeria on Tuesday and wound up on Wednesday.

On the sidelines of the meeting, the Iranian minister said on Tuesday that Iran is to regain its 13 percent quota like before the sanctions.