Iran believes that developing oil production in the country should reduce its

Iran believes that developing oil production in the country should reduce its

The biggest threat to fuel markets, according to the representative of Iran in OPEC, was the surplus. In his opinion, countries, developing oil production after the Iran-sanctions, should reduce the level of production.

MOSCOW, 6 Jan. The representative of Iran in OPEC said that the countries which boosted oil production after the Iran-sanctions, needs to reduce production to stabilise the market, reports the Iranian news Agency Shana.

Iran and the six international negotiators on the night of 14 July 2015, reached an historic agreement on the settlement of the longstanding problem of the Iranian atom. Difficult negotiations resulted in the adoption of a joint comprehensive plan of action, which will completely withdraw from Iran’s previously imposed economic and financial sanctions by the UN security Council, US and EU.

As reports Reuters, the representative added that the diplomatic crisis between Iran and Saudi Arabia will have only short term effects on fuel markets. “The biggest threat”, he said, was the surplus.

On Sunday, the foreign Minister of Saudi Arabia Adil al-Jubayr said about rupture of diplomatic relations with Iran because of its “blatant interference in the internal Affairs of the Kingdom, the enemy’s actions in the region and attacks on the Embassy in Tehran and a Consulate in Mashhad”. The incident occurred on Saturday in the framework of protests against the decision of Saudi Arabia to execute prominent Shia preacher, Nimr al-Nimr.