Iran will support any initiative to improve the situation with oil prices

Iran will support any initiative to improve the situation with oil prices


TEHRAN, 17 February. /Corr. Alexander Levchenko/. Iran will support any initiative to improve the situation with oil prices. This was stated by Iranian oil Minister Bijan Namdar Zanganeh on the results of negotiations with Minister of petroleum and mines of Venezuela, Eulogio del Pino, the oil Minister of Iraq Adel Abdel Mahdi and the Minister of energy of Qatar Mohammed bin Saleh al-the Garden on the question of freezing of oil-producing countries.

See also

Iran in two days shipped to oil terminals more than 7 million barrels of oil

The Ministry of energy of the Russian Federation: Iran is expedient to gradually enter the oil market

Media: Iran considers “illogical” for themselves a proposal to freeze production of oil

“Iran will support any step aimed at improving the situation on the crude oil market and rising oil prices”, – quotes the words of the Iraqi defense Minister Agency SHANA.

“We welcome the cooperation with OPEC countries and with States outside the organization – continued Zanganeh. The proposal, made yesterday in Doha for OPEC members and other countries about the freezing of oil production, was taken in order to stabilize the market and improve the situation with oil prices, as well as in the interests of not only consumers but also producers of hydrocarbons”

“Although this is the first step and it should not be the only. But it may prove to be the beginning of further cooperation between OPEC countries and other producers in order to improve the situation on the oil market,” Zanganeh believes.

How will the Doha decision

The Iranian Minister expressed the view that the impact of Doha decisions on pricing can only be judged after some time.

During the talks the sides discussed Iran’s position and the situation with his return to the market after the lifting of sanctions, Zanganeh stressed. At the same time, the Agency SHANA does not give details and the outcome of the discussion on this topic.

See also

From high to collapse: the dynamics of oil prices since 2000

The Internet portal “al-Gomhuria” also said that Iran supports the measures aimed at stabilizing prices on the world oil market. According to him, Iran made “in support of any measures aimed at stabilization of oil prices”.

It was also reported that Iranian oil Minister Bijan Namdar Zanganeh “evaluated the meeting between the oil Ministers of the four countries, held in Tehran, as good”.

Yesterday in the Qatari capital Doha, the Saudi Arabia, Qatar, Venezuela, included in OPEC and Minister of energy of the Russian Federation Alexander Novak expressed the readiness to save, on average, in 2016 oil production at the level of January 2016, if other countries-oil producers will join this initiative.

Background

The talk about reducing or freezing world oil production to normalize prices going for a long time. At the OPEC summit, which took place in December 2015, the cartel failed to agree on the size of the production quotas, and decided to raise it to the level of actual production. This has led to a sharp decline in prices for “black gold”. The oil Minister of Iraq stated that the decision was taken because of the reluctance of countries outside the cartel, including Russia, to reduce their prey.

The results of the talks in Tehran

17 February in the Iranian capital passed negotiations of Ministers of oil of Iran, Venezuela, Iraq and Qatar, who discussed the possibility of “freezing” the level of oil production.

See also

Russia and 3 countries in OPEC are willing to save in 2016 oil production at the January level

On the eve of the Russia, Saudi Arabia, Qatar and Venezuela following talks in Doha said that they are ready to save, on average, in 2016 oil production at the level of January 2016, if other countries-oil producers will join this initiative.

As the “freezing” of the level of production would affect the economy of the Russian Federation

To assess the impact of the agreements about the freezing of oil production on macroeconomic forecast of the Russian Federation prematurely, stated the representative of the Ministry of economic development.

“Talk about long-term prospects and the impact on prognosis is premature, too many factors affect a situation”, – said in the Ministry.

Russia, Saudi Arabia, Qatar and Venezuela are willing to freeze oil production at the January level, if other countries-oil producers will join this initiative, said Minister of energy Alexander Novak after the meeting in Qatar.

Infographics


Oil prices over 40 years

Infographics