Iran hails cooperation between OPEC, non-OPEC countries for maintaining oil market stability
İran on Tuesday praised the cooperation between members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members for helping stabilize the oil market, APA reports quoting Sputnik.
The convergence of the OPEC and non-OPEC members, particularly Russia, regarding the agreement to cut oil output in the past six months has led to a "balanced" oil market, Iranian Minister of Petroleum Bijan Namdar Zanganeh said before meeting Brazil's Minister of Mines and Energy Fernando Coelho Filho.
"The 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.
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.
The Iranian minister added that Iran welcomes the cooperation of all non-OPEC oil producers, particularly Brazil, on cutting oil supplies.
On the much-delayed pipeline project between Iran and Pakistan, Zanganeh said a third party is needed to solve the issue by building the section of the pipeline within Pakistan.
He said that a number of international oil and gas companies are interested in this project, but no deal has been reached so far.
The project has faced repeated delays since it was conceived in the 1990s to connect Iran's South Pars gas field to Pakistan. Iran has completed construction of its side of the pipeline and is waiting for Pakistan to finish its part of work.
Related news releases
- 21.09.2017Troops kill 9 rebels in Northern Philippines Province
- 20.09.2017'Ignorant, absurd, hateful rhetoric' - Iran's president on Trump's un speech
- 20.09.2017Iran publicly hangs man for rape, murder of 7-year-old girl
- 20.09.2017Turkey mulling sanctions over Kurdish referendum
- 19.09.2017Turkish jets kill 3 PKK terrorists in northern Iraq
- 19.09.2017Iran says it will not renegotiate nuclear deal
- 19.09.2017Iraqi Turkmen leader: Barzani plans to annex Kirkuk to Kurdish region
- 19.09.2017Palestine: President, Hamas' Haniyeh talk on phone
- 19.09.2017North Korea: UN sanctions motivate acceleration of nuclear weapon development
- 19.09.2017Turkish president speaks with Iraqi PM on phone
- 18.09.2017Iraq Supreme Court orders suspension of Kurdistan referendum
- 17.09.2017Turkey names new head to religious affairs directorate
- 16.09.2017Car bomb kills one, wounds 10 in disputed Iraqi oil city
- 16.09.2017Iraqi army liberates ISIS-held Akashat town near Syria border
- 16.09.2017Rouhani urges EU to pressure US
- 15.09.2017Islamic State claims responsibility for London blast:
- 15.09.2017Turkish Deputy PM meets Rohingya group's head
- 15.09.2017Seoul holds emergency National Security meeting after North Korean missile test
- 15.09.2017North Korea fires missile over Japan that lands far out in the Pacific
- 14.09.2017At least 50 die in twin attacks in Iraq
- 14.09.2017Airstrikes kill 5 PKK terrorists in eastern Turkey
- 14.09.2017Malaysia’s prime minister calls Myanmar violence genocide
- 14.09.201725 dead in fire at religious school in Malaysia
- 14.09.2017Evacuated Islamic State fighters reach Syria's Deir al-Zor: pro-Damascus commander
- 14.09.2017North Korea accused of raising money by stealing bitcoins in hack attacks
- 13.09.2017Suicide bomb near cricket stadium in Afghan capital kills at least three
- 13.09.2017Iraqi MPs call for crisis meeting on Kurd region poll
- 13.09.2017Five crew missing after dredger collides with tanker off Singapore
- 12.09.2017200,000 Rohingya children need urgent support: UNICEF
- 12.09.2017Airstrikes kill 14 terrorists in Kirkuk: Iraqi sources
- 11.09.2017Israel welcomes decision to pardon blogger Lapshin
- 10.09.2017First Summit on Science and Technology of Organization of Islamic Cooperation starts in Astana
- 10.09.2017North Korea's Kim Jong Un fetes nuclear scientists, holds celebration bash
- 10.09.2017Rohingya insurgents declare temporary ceasefire amid humanitarian crisis
- 10.09.2017North Korea 'secretly helped by Iran to gain nuclear weapons', British officials fear
- 10.09.2017US warplanes stop shadowing ISIL convoy at Russia’s request
- 10.09.2017Rouhani, Erdogan meet in Astana ahead of OIC summit
- 10.09.2017Policeman martyred in vehicle accident in Turkey's east
- 10.09.2017PKK attacker on Turkish opposition convoy identified
- 09.09.20177 PKK terrorists killed in SE Turkey and Iraq's north
- 06.09.2017Uzbekistan, Kyrgyzstan sign historic border agreement
- 06.09.2017Japanese PM urges Russia to collaborate in untangling situation around DPRK
- 07.09.2017Syrian army fights to secure corridor into Deir al-Zor
- 05.09.2017Syrian army breaks 3-year IS siege to Deir al-Zour
- 05.09.2017ISESCO calls for deprivation of Myanmar leader of Nobel Peace Prize
- 05.09.2017Two Russian soldiers killed by shelling in Syria's Deir al-Zor province