News ID: 200022
Published: 0236 GMT September 05, 2017

Zanganeh hails convergence among oil producers

Zanganeh hails convergence among oil producers

Iran's oil minister said cooperation with non-OPEC members, especially Russia, and OPEC members' adherence to an agreement to cut oil output is helping the market stabilize.

Shana quoted Bijan Namdar Zanganeh as saying, "I see the oil market balanced. The compliance of the OPEC members is in good shape and the convergence of the members regarding the agreement to cut supplies in the past six months has not declined; it has increased,"

Russia has been key to the agreement under which OPEC members have undertaken to trim oil supplies by 1.2 million barrels per day, with non-OPEC members cutting a further 600,000 barrels.

"Cooperation of non-OPEC countries, in particular Russia, is good in the deal to reduce oil supply, and I think the market is moving toward stability," Zanganeh said.

The minister said Iran welcomes the cooperation of all non-OPEC producers, citing Brazil which he saw unlikely to join the output cut agreement under current circumstances.

He made the remarks before a meeting in Tehran with Brazil's Minister of Mines and Energy Fernando Coelho Filho as he welcomed the participation of Brazilians in Iran's oil and gas projects under new oil contract model.

"However, they have not expressed interest up to this moment because, like us, they are a capital absorbing country and want to raise funds in their oil and gas industry," Zanganeh said.

"The Brazilians seem to seek cooperation with Iran in the refining sector," he added.

   
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