From the Field
Iran to back OPEC moves
TEHRAN, September 6, 2016 – Iranian Minister of Petroleum Bijan Namdar Zangeneh on Tuesday said his country would back OPEC efforts geared towards the stabilisation of the global oil markets.
Speaking to Iranian state TV after his meeting with OPEC Secretary General Sanusi Barkindo in Tehran, Zangeneh said Iran would support measures that would push the price of crude to the USD 50-60 per-barrel range.
“This price makes production of oil by OPEC members profitable, economical and useful, while preventing the rivals from raising their output,” the minister was quoted as saying.
On Monday, his counterparts from the UAE, Kuwait and Qatar voiced their support for a Saudi-Russian initiative aimed at stabilising prices. Iraq and Russia remain the only nations to have voiced explicit support for a cap on oil production as a means to restore stability.