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
- 08.12.20168.0-magnitude quake hits 63km WSW of Kirakira, Solomon Islands
- 08.12.2016Syrian army suspends combat operations in Aleppo - Lavrov
- 08.12.2016Nusra Front militants requesting evacuation from Aleppo
- 08.12.2016Death toll reaches 99 in Indonesia quake
- 08.12.201611 confirmed dead in central China mine accident
- 08.12.2016Trump picks longtime friend of Beijing as U.S. ambassador to China
- 08.12.2016Daesh loses last hold in Libya, US says
- 08.12.2016Israel's Netanyahu gives conditional 'No' to meeting Palestinian president in Paris
- 08.12.2016Dozens killed in west Iraq air strike, MPs and medics say
- 07.12.2016'No survivors' after plane crash in northern Pakistan mountains
- 07.12.2016Syrian troops take full control over 47 quarters of eastern Aleppo
- 07.12.2016Pakistani plane with 47 people aboard crashes - UPDATED
- 07.12.2016Car bomb attack leaves two Turkish soldiers dead in Syria's al-Bab
- 07.12.2016Russian colonel killed in Aleppo shelling by opposition militants
- 07.12.2016Indonesia earthquake kills at least 54 people - VIDEO - UPDATED
- 06.12.2016Syrian government forces advance on 2 fronts in Aleppo
- 06.12.2016Saudi Court Sentences 15 Men to Death for Spying for Iran
- 06.12.2016Iranian speaker: Good prospects for further development of Iran-Azerbaijan ties
- 06.12.2016Iranian billionaire Babak Zanjani’s death sentence may be revoked
- 06.12.2016Indian Air Force plane carrying president to Chennai returns to Delhi after mid-air snag
- 06.12.201611 trapped in central China mine accident
- 06.12.2016Islamic State urges supporters to stage new wave of attacks
- 06.12.2016West Mosul shelled as Iraq steps up fight against Islamic State
- 06.12.2016Israeli legislators advance revised bill to legalize settlements
- 05.12.2016French PM Valls makes presidential bid, quits government
- 05.12.2016Russian female doctor killed in Aleppo hospital shelling
- 03.12.2016Malaysia says Myanmar violence against Muslim Rohingya 'ethnic cleansing'
- 03.12.2016South Korea opposition introduces bill to impeach scandal-tainted Park
- 03.12.2016Philippines' Duterte gets Trump White House invite during 'animated' call
- 02.12.2016Iran says U.S. extension of sanctions act violates nuclear deal
- 02.12.2016Iran develops bill banning import of US-made goods
- 02.12.2016Japan to impose additional sanctions on North Korea
- 01.12.2016Attack on military camp forces India to expedite tech
- 01.12.2016Thailand's crown prince becomes country's new king
- 01.12.2016Training plane crashes in Iran
- 01.12.2016Lavrov: Air strikes on Turkish soldiers carried out by neither Russia nor Syria
- 01.12.2016Another Abian para; case suspected in central Japan
- 30.11.2016U.N. imposes new sanctions on North Korea to slash cash from exports
- 30.11.2016Erdogan discusses Syrian issue with Putin over telephone
- 30.11.2016SKorea opposition parties discuss when to impeach president
- 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