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OPEC SG, Iran Oil Min. open talks on crude price

Iran's Oil Minister Bijan Zanganeh received OPEC Secretary-General Mohammed Barkindo in Tehran to discuss the market and prices.

OPEC SG, Iran Oil Min. open talks on crude price
(Thursday, September 8, 2016) 10:19

Prior to the upcoming meeting of OPEC members to be held in Algeria on September 26-28 on the sidelines of the International Energy Forum (IEF), Mohammed Sanusi Barkindo, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), arrived late on Monday in Tehran and started a behind closed door meeting with Iranian Oil Minister Bijan Namdar Zanganeh on Tuesday at noon.

While the two officials are said to be talking about a number of issues like demand and supply, global oil market conditions, and crude prices, the main axis is expected to be negotiation over talking Iran into joining a possible oil freeze plan.

“There is no technical barrier for Iran joining the freeze plan,” said the Managing Director of National Iranian Oil Company (NIOC), Ali Kardor, on Monday, “but it is up to the minister to make the final decision.”

He added that with the increase of 150,000 barrels in the daily output of Iran’s crude oil, Iran would have a production of 4 million barrels of oil per day by the end of the current Iranian year.

“Iran would join any plan to restore prices and establish stability in oil market if they secure its national interests,” said Amir Hossein Zamaninia, Iranian Deputy Oil Minister for International Affairs and Trading, commenting on whether Iran joins the oil freeze plan.

Meanwhile the Algerian Energy Minister, Noureddine Bouterfa, has told the media that OPEC members have reached an agreement to have a crude price between 50$ to 60$ per barrel and he has arranged for Iran’s cooperation in Algeria talks.  

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