Iran ready to discuss oil with Saudis
“We support any form of dialogue and cooperation with OPEC member states including Saudi Arabia,” Zangeneh told reporters.
He said some Persian Gulf countries have announced that they are looking for trying to make economic benefits for themselves by helping to push down oil prices. “But what they want to achieve is not at all for economic gains,” said Zangeneh.
“If there were a strong political will, the price of oil would have been balanced within one single week,” he said.
The Iranian oil minister had in early January emphasized that the current oil prices harm all producers and certain countries’ insistence on overproduction is politically motivated.
“None of the oil producers is happy with the existing prices which will harm suppliers in the long term,” he has emphasized.
According to the Iranian minister, “there is a political will behind OPEC indecision over production ceiling in the organization.”
OPEC has been producing nearly a million more barrels of oil each day than its 30 million bpd ceiling for the past 16 months.
The organization approved a Saudi plan to scrap allocating fixed production quotas to member countries in its December 2011 meeting and introduced output ceiling of 30 million barrels per day (bpd) which does not specify quotas.
Zangeneh has described the decision a “historic mistake”, saying “making up for this big mistake and reviving the quota system in OPEC is a very hard task.”
Because of overproduction chiefly by Saudi Arabia and non-OPEC producers, there is currently up to 2.5 million bpd of excess oil in the market which has caused crude prices to lose around 60% of their value since mid-2014.
Related news releases
- 31.08.2016IS speaker killed by Russian airstrike in Syria — defense ministry
- 31.08.2016Former senior IGRC officer killed in Syria
- 31.08.2016Earthquake measuring 6.8 magnitude strikes off Rabaul in Papua New Guinea
- 31.08.2016North Korea executes vice premier for education
- 31.08.2016Nine found dead in Japan elderly home after typhoon
- 31.08.2016South Korea September manufacturing sentiment steps up to one-and-a-half year high
- 31.08.2016Islamic State leader in charge of foreign attacks killed in Syria
- 30.08.2016Turkish tank hit by rocket, 3 soldiers injured in Syria's Jarablus
- 30.08.2016North Korea executes two officials 'with anti-aircraft gun'
- 30.08.2016North Korea publicly executes two officials
- 30.08.2016Kerry pays whirlwind visit to Bangladesh
- 30.08.2016Obama, Erdogan to meet Sunday amid tensions
- 30.08.2016Pro-govt forces claim to make gains in Yemen’s Taiz
- 30.08.2016Suicide bomber kills 54 in Yemen attack: health ministry
- 30.08.2016Rockets hit Saudi border town as Yemen war flares anew
- 29.08.2016Iran deploys Russian-made S-300 missiles at its Fordow nuclear site
- 29.08.2016Suicide attack in Iraq’s Karbala leaves 15 dead
- 29.08.2016At least 65 killed in Yemen suicide bombing
- 28.08.2016Turkish soldier martyred in PYD attack in north Syria
- 28.08.2016Turkish warplanes destroy ammunition depot in northern Syria
- 27.08.2016Turkish jets bomb YPG positions in Syria
- 27.08.201622 Daesh militants killed in Iraq
- 27.08.2016OPEC export revenues lowest in more than a decade
- 26.08.2016PKK attack martyrs 11 police officers in SE Turkey - UPDATED
- 26.08.201620 killed, 17 injured in central Nepal bus accident
- 26.08.20165.8-magnitude quake hits Izu Islands, Japan region
- 25.08.2016US Navy Ship fired warning shots at Iranian Fast Boat
- 25.08.2016Separatists kill 6 paramilitary troops in SW Pakistan
- 25.08.2016Twelve people killed in American University attack - UPDATED
- 25.08.2016Palestinian Foreign Ministry urges U.S. to ban citizens from trespassing Al-Aqsa Mosque
- 25.08.2016North Korea fires submarine-launched ballistic missile towards Japan
- 24.08.2016Israeli soldier shoots dead Palestinian driver in West Bank
- 24.08.2016Turkey-assisted Free Syrian Army captures 4 villages from ISIL
- 24.08.2016Syrian foreign ministry condemns Turkish incursion
- 24.08.2016North Korea Fires Ballistic Missile From Submarine
- 24.08.2016Putin to visit Turkey on 31 August
- 24.08.2016Turkish army, coalition forces launch anti-ISIS operation
- 24.08.2016Car bomb blast in Thailand kills one, injures 29
- 24.08.2016Turkey’s Erdogan meets with KRG's Barzani
- 23.08.2016Putin, Netanyahu discuss Mid-East peace process in phone call
- 10.02.2016China confirms first imported Zika case
- 10.02.2016North Korea executes army chief of staff
- 11.02.2016Israeli opposition leader wants to begin separating from Palestinians
- 09.02.201612,000 candidates register for Iranian parliamentary election
- 09.02.2016US does not consider YPG terrorists: State Dept
- 09.02.2016Earthquake measuring 5.7 magnitude felt in New Zealand capital