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
- 17.12.2017At least two dead, eight missing after landslide in southern Chile
- 17.12.2017Dozens of migrants held in northwestern Turkey
- 17.12.2017Saudi women will also be allowed to drive trucks, motorbikes
- 16.12.2017Clash in northern Afghanistan kills 10 civilians
- 16.12.2017Two dead, buildings damaged by Indonesia earthquake - UPDATED
- 15.12.2017Tsunami alert as quakes rock Indonesia
- 15.12.2017Japan says North Korea not interested in meaningful talks
- 14.12.2017New footage suggests North Korea might have an H-Bomb
- 14.12.201738 ISIL militants executed in Iraq
- 14.12.2017Putin specifies conditions for Russian involvement in addressing Syrian refugee problems
- 14.12.2017Putin warns against U.S. strike on North Korea
- 14.12.2017North Korea shows no sign it is serious about talking: U.S. official
- 14.12.2017Israel puts Gaza border on lockdown over security concerns
- 14.12.2017Syrian opposition discusses electoral process with UN
- 14.12.20172 Daesh militants killed in Iraq’s Kirkuk
- 13.12.2017Iran’s Rouhani urges every possible means to avert US move on Holy Quds
- 13.12.2017Palestinian president urges world not to recognize Israeli state
- 13.12.2017North Korea's Kim Jong Un fetes rocket scientists, promises more weapons
- 13.12.20176.1 earthquake strikes eastern Iran
- 13.12.2017Yemeni PM accuses Houthis of subservience to Tehran
- 12.12.2017Russia withdraws diplomats from Yemen's Sanaa
- 12.12.2017Hamas announces beginning of third intifada against US decision on Jerusalem
- 12.12.2017EU tells Netanyahu it rejects Trump's Jerusalem move
- 12.12.2017Hezbollah's Nasrallah says group to focus on Israel
- 11.12.20176-magnitude earthquake rattles western Iran
- 11.12.20176-magnitude earthquake hits Iran
- 11.12.2017Putin orders Russian forces pullout from Syria
- 11.12.2017Putin visits Russia’s Hmeymim air base in Syria
- 10.12.2017Lebanon’s FM: "Arab nations should consider imposing economic sanctions against the United States"
- 10.12.2017Arab states urge U.S. to abandon Jerusalem move
- 10.12.2017South Korea's Hyundai says faces headwinds from weaker yen next year
- 10.12.2017Palestinian President Abbas won't meet Pence in region: foreign minister
- 10.12.2017Iraq and Iran sign Kirkuk oil swap deal
- 09.12.2017Turkey, Iran security cooperation ‘vital’ for region
- 09.12.20172 dead, 7 buried in debris after chemical plant explosion in east China
- 09.12.2017Iraq declares war with Islamic State is over
- 09.12.2017Two dead in 'Day of Rage' over Jerusalem, Palestinian president defiant
- 09.12.2017Airstrikes kill 5 civilians in Syria
- 09.12.2017Palestinian negotiator says 'no talking' with U.S. until Trump reverses Jerusalem decision: Al Jazeera
- 09.12.2017At least 25 wounded in Israeli retaliation strikes in Gaza
- 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