News ID: 55562
Published: 0653 GMT November 16, 2014

Iran forging regional oil consensus

Iran forging regional oil consensus

Oil Minister Bijan Namdar Zanganeh visited Kuwait and Qatar last week and plans to visit the UAE on Tuesday to forge consensus among regional OPEC members over oil price.


Zanganeh said he discussed reasons behind the oil price decline and ways to deal with the issue with the regional officials.

“The visits to Kuwait and Qatar were aimed at conducting regular meetings when the oil market was facing discrepancies, particularly ahead of an OPEC session”.

The Iranian oil minister said he exchanged views with Kuwaiti and Qatari officials on issues on the agenda of the upcoming 166th ministerial meeting of the Organization of Petroleum Exporting Countries in Vienna, Austria, on November 27.

Zanganeh handed over the message of Iran's President Hassan Rouhani to Qatari Emir Sheikh Tamim bin Hamad al-Thani on Monday.

He also submitted President Rouhani's message to Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah on Tuesday.

The Iranian minister is scheduled to visit UAE to discuss ways for a rebound in oil prices following the recent plunge in value. He aims to forge a united stance among oil-producing countries.

Zanganeh on Sunday criticized certain oil-producing countries for oversupply of crude, which pushed down oil prices.

During a meeting with Venezuelan Foreign Minister Rafael Ramirez in Tehran on Saturday, the Iranian oil minister said it is difficult for the falling crude oil prices to rebound any time soon.

"Reverting to previous oil prices is difficult, but we should modify prices as much as the new market situation allows," he said.

Zanganeh said every oil-producing country is obliged to fulfill its responsibilities with regard to the oil market and hoped for cooperation between OPEC and non-OPEC oil producers to that effect.

Oil-producing countries are under pressure to cut production to stem the global oil glut.

OPEC members – Algeria, Angola, Ecuador, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela – pump about 40 percent of the world’s oil.

Iran is currently the organization’s third largest oil producer.



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