Tehran is ready to conduct a dialogue with Riyadh about the situation on the oil market

TEHRAN, 10 February. /Corr. Alexander Levchenko/. Iran is ready to discuss with Saudi Arabia the situation in the oil market. This was stated on Tuesday in Tehran, Iranian oil Minister Bijan Namdar Zanganeh.

“We support all forms of dialogue and cooperation with countries-members of OPEC, including Saudi Arabia,” – said the head of the oil Ministry of Iran. He also stressed that some countries of the Persian Gulf, pushing oil prices down, “does not pursue economic interests.” “If there was strong political will, the oil price would be balanced in a week”, – said the Iranian Minister.

OPEC daily produces nearly 1 million barrels of oil more than required by the market, exceeding its daily ceiling of 30 million barrels in the last 16 months. Because of oversupply, mainly due to the increase in oil production by Saudi Arabia and non-OPEC producers, the market feels an excess of hydrocarbon in the amount of up to 2.5 million barrels per day. His extra supply has caused a fall in prices on the energy source 60% since mid 2014.