Mohammed Sanusi Barkindo’s visit to Tehran marks attempts to get an Iranian participation in regulating global oil market by OPEC as a major oil price setter. Mr. Zanganeh has reiterated that Iran would support any efforts to bring stability to global oil prices. Last week, he had told reporters that he would sit in Algerian summit of OPEC late September where OPEC’s secretary-general will pursue member states to comply with new policies; however, Saudi Energy Minister Khalid al-Falih had ruled out the necessity of any intervention in current market trend, believing that it was in the right track. The remarks had dashed hopes invested by OPEC member states for an effective policy which would limit the OPEC basket barrels per day.
Alexander Novak, Russian Minister of Energy had announced his negotiations with Saudi Arabia and other oil-producing countries to stabilize oil markets.