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Zangeneh holds talks with Saudi counterpart

Iranian Petroleum Minister Bijan Zangeneh said on Friday that he reached an agreement in principle on oil production rate with Saudi Arabian counterpart Khalid al-Falih on Friday.

Zangeneh holds talks with Saudi counterpart
(Saturday, June 23, 2018) 10:25
The meeting took place prior to OPEC meeting in Vienna on Friday.

In response to US demand to increase oil production, Saudi Arabia and Russia have given green light to raise oil production to offset reduction in Iran and Venezuela oil output in view of the US sanctions.

However, Iran, Iraq and Venezuela are opposed to OPEC oil output’s boost.

Noting that final text of the agreement in principle reached between Iran and Saudi Arabia should be confirmed, Zangeneh described his relationship with Saudi energy minister as suitable, despite political tensions between the two countries.

Elsewhere in his speech, Zangeneh condemned US unilateral sanctions against Iran, warning that the issue would lead to a decline in Iran’s oil output and this would not be in the interest of the consumers.

“In my opinion, oil market should act on the basis of supply and demand and political tensions will be detrimental to the consumers,” he said.

Asked to what extent US sanctions will affect Iran’s oil production, he said that Washington has already started it pressures and this has made certain consumers move away from Iran.

However, he said, Iran will continue its production.

Noting that the sanctions are unilateral and not supported by the international community, he hoped that Iran will find ways to sell its crude.

Zangeneh also said, “OPEC is an independent institute and we will never take orders from the US president.”

Te Saudi energy minister has told that Saudi Arabia has no problem in oil production and it is able to make up any cut in production.
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