Tehran, Cara­cas Wel­come Any Mea­sure to Sta­bi­lize Oil Mar­ket

Iran News - - DOMESTIC -

TEHRAN – Iran Oil Min­is­ter Bi­jan Zan­geneh said Tehran and Cara­cas are ready for car­ry­ing out any mea­sure aimed at sta­bi­liz­ing global oil mar­kets.

Speak­ing fol­low­ing a meet­ing with his Venezue­lan coun­ter­part Eu­lo­gio Del Pino in his Tehran of­fice on Wed­nes­day, Zan­geneh said en­hanc­ing mu­tual en­ergy ties and dis­cus­sion over cur­rent oil mar­ket con­di­tions were the high­lights of his meet­ing with the Venezue­lan oil min­is­ter.

“For­tu­nately, com­pli­ance of mem­bers of the Or­ga­ni­za­tion of the Pe­tro­leum Ex­port­ing Coun­tries (OPEC) with the body’s out­put cut plan has been ac­cept­able,” he said. He said the com­pli­ance of OPEC mem­bers with the plan has been 98% in Au­gust, adding, “the level of com­pli­ance will in­crease in the fu­ture.”

Zan­geneh said the mar­ket re­ac­tion to OPEC-nonOPEC agree­ment has been “good”, adding, “Dur­ing this meet­ing, we dis­cussed oil mar­ket sta­bil­ity and at­trac­tion of co­op­er­a­tion of non-OPEC pro­duc­ers in or­der to en­sure fur­ther sta­bil­ity in the mar­ket.”

In a deal aimed at clear­ing the glut, OPEC is curb­ing out­put by about 1.2 mil­lion bpd, while Rus­sia and other non-OPEC pro­duc­ers are cut­ting half as much, un­til March 2018.

He also said that ex­ten­sion of the pro­duc­tion cut plan through June 2018 was an­other high­light of his meet­ing with Del Pino. “More dis­cus­sions on the plan will be held at the Oc­to­ber 4 meet­ing of oil and en­ergy min­is­ters of the Gas Ex­port­ing Coun­tries Fo­rum (GECF) in Moscow,” he added. “We are pre­pared for any mea­sure aimed at en­sur­ing oil mar­ket sta­bil­ity, any­way.”

Asked about com­pli­ance of non-OPEC pro­duc­ers to the cut plan, Zan­geneh said Rus­sia is the most im­por­tant pro­ducer among non-OPEC coun­tries that have joint the agree­ment, adding “We will talk with Alexan­der No­vak, Rus­sian En­ergy Min­is­ter, in Moscow about ex­ten­sion of the plan.

“Com­mit­ment of non-OPEC pro­duc­ers to the plan has been good but more heed must be paid to their con­di­tions.”

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