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
- 20.10.2016Three Russian officers wounded in militants' fire near Aleppo
- 20.10.2016Iraqi troops liberate town of Bartella
- 20.10.2016Another North Korea intermediate range missile fails after launch
- 20.10.2016Typhoon Haima approaches south China
- 20.10.2016Oil station fire kills 1 at Saudi
- 19.10.2016Two American advisers killed, three wounded by shooter in Afghan capital
- 19.10.2016OIC lists FETO as terrorist organization
- 19.10.2016Japan is considering the possibility of dispute with Russia Kuril Islands
- 19.10.2016Saudi Arabia executes prince for murder
- 18.10.2016Iran sentences 2 Americans to 10-year prison terms
- 18.10.2016Turkish Air Force to join Mosul operation: Defense Min. - UPDATED
- 18.10.2016Turkish defense minister: Syrian war in a 'new phase'
- 18.10.2016Three Iranian ministers resign
- 18.10.2016Yemen ceasefire set to start on Wednesday night: U.N envoy
- 18.10.201623 die in hospital fire in eastern India
- 18.10.20162 die in residential highrise fire in Mumbai
- 18.10.201613 killed in airstrikes on rebel-held area in Syria's Aleppo
- 18.10.2016Yemeni president agrees to 72-hour ceasefire, foreign minister says
- 18.10.2016Death toll from Japanese encephalitis in India's Odisha rises to 54
- 17.10.2016Saudi Arabia says prepared for ceasefire in Yemen if Houthis agree
- 17.10.2016Kuwait cabinet calls for parliament polls in November
- 16.10.20164 killed after ferry capsizes in northwestern Myanmar
- 16.10.2016US military 'begins shelling' ISIS in Iraq's Mosul
- 15.10.2016Turkish President: "People of Mosul not to be left to their fates"
- 15.10.2016Suicide bombing, shootouts kill around 55 in Iraq
- 15.10.2016Members of terrorist group arrested in Iran
- 15.10.2016Turkey-backed Syrian rebels attack ISIS’s Dabiq
- 15.10.2016Saudi solider killed in shooting at Saudi-Yemeni border
- 15.10.2016DPRK accuses UK of openly joining U.S.-South Korea war games
- 14.10.2016Five killed in spate of Baghdad bombings
- 14.10.2016Israel suspends cooperation with UNESCO over Jerusalem draft
- 14.10.2016Bashar Assad: “Saudi Arabia offered Syria assistance for the rupture of relations with Iran”
- 14.10.2016Gulf States designate FETO ‘terrorist organization’
- 14.10.2016Samsung flags $5.3 billion profit hit from Note 7 failure
- 14.10.201615 killed in bomb attack in northwestern Syria
- 14.10.2016US bracing for military intervention in Yemen: Houthis
- 13.10.2016Turkey, Israel to exchange ambassadors within 10 days
- 13.10.2016Turkish jets destroy PKK positions in northern Iraq
- 13.10.2016Iran deploys 2 warships in Yemen's waters to protect naval routes
- 13.10.2016Iraq summons Turkish envoy, delivers him protest note
- 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