• News
  • Worldwide

Oil minister: Iran backs OPEC moves geared toward stability

Oil minister: Iran backs OPEC moves geared toward stability

"Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran", Bijan Zanganeh said after meeting OPEC Secretary-General Mohammed Barkindo in Tehran.

It would "make oil production cost effective and beneficial for OPEC members", while keeping pressure on the group's rivals.

On Monday, Saudi Arabia and non-Opec member Russian Federation signed a pact to co-operate to stabilise markets, saying they could agree to freeze output in the future.

Iran briefly triggered a spike in prices late last month when it announced it would participate in the meeting, but Zanganeh stated on August 26 that Iran wanted to return to its pre-sanctions share of the crude market before considering any kind of cap.

Iran has said it would cooperate in talks to freeze output only if fellow exporters recognised its right to regain market share after the lifting of worldwide sanctions in January under a nuclear deal with six major powers.

More news: Trump says donation to AG not connected to university

"The Algiers summit may very well set the stage for the re- emergence of Opec's traditional Prisoner's Dilemma", said John Driscoll, the chief strategist at JTD Energy Services Pte, who has spent more than 30 years trading crude and petroleum in Singapore. Moscow this week said a price for oil in the $50-$60 range seemed fair, while Riyadh said there was now no proposal to put a governor on crude oil production. The current production is at 3.6 million barrels of oil a day, of which Tehran exports 2.2 million barrels a day.

Russia, which is not a member of the oil producing nations' group OPEC, this year supported calls to freeze production, but the efforts fell through after Iran opposed the plan. West Texas Intermediate, the U.S. marker, was up 1.8 per cent at US$45.23 a barrel. Saudi Arabia's oil minister, Khalid al Falih, indicated however he believed Iran's production was already high enough.

A previous Opec attempt to freeze output collapsed in April - three months after the nuclear deal came into effect - largely because of Iran's refusal to join talks.

For OPEC's part, Barkindo said during a visit to Qatar earlier this week there are frameworks in place that "can be further developed to restore oil market stability".

Leave Your Comment

Leave Your Comment


Latest News

  • Victim in sex assault linked to Jacob Wetterling case speaks out

    Victim in sex assault linked to Jacob Wetterling case speaks out

    The official, who spoke on condition of anonymity because of the ongoing case, said remains and other evidence were found. They say authorities are reviewing new evidence in the case and expect to provide more information early next week.

    Kaepernick's protest of 'rogue cops' extends to socks

    Colin Kaepernick and his decision to protest the flag by sitting down during the National Anthem in a pre-season game last week has been all over the news lately.
    Max Verstappen: Don't tell me to change my style in F1

    Max Verstappen: Don't tell me to change my style in F1

    Just because other people think he's a better defender, I don't think he will listen to those guys. It's about what we can learn from it to do different next time.
  • North Korea launches three ballistic missiles

    The defence ministry in Tokyo said the three missiles were estimated to have fallen into Japan's maritime Exclusive Economic Zone.

    Suspects in Lebec Murder-Kidnap Captured in Colorado

    Authorities caught up with Joshua Aaron Robertson and Brittany Humphrey in Pueblo, Colorado on Thursday. Upon contacting Brittany then they became aware that Joshua Robertson was a couple of blocks away.
    Shock Results: Murder Rates Shooting Up Across Country

    Shock Results: Murder Rates Shooting Up Across Country

    According to the Chicago Sun Times , 90 people were murdered in the city in August, the most murders in a single month since 1996. The number is more than the total number of homicides in NY and Los Angeles - America's two biggest cities - combined .
  • West Nile Virus confirmed in Burlington

    West Nile Virus confirmed in Burlington

    Although West Nile virus can't be sexually transmitted, it can still be spread from mother to child through breastfeeding. MS health officials have confirmed four new cases of West Nile virus , bringing the state's total to 19 cases this year.

    Turkey says 2 of its soldiers killed in IS attack in Syria

    Two Turkish soldiers were killed and five injured on Tuesday, in a rocket attack by Islamic State group in northern Syria. Turkish hesitation would allow Islamic State and Kurdish "terrorist organizations" to settle there, Erdogan said.

    Auburn drops heartbreaker to No. 2 Clemson

    Auburn made the stop and drove into Clemson territory, but couldn't make Swinney pay for his decision. Even when Auburn had him covered, he hauled in a pass that was deflected and picked up 18 yards.
  • Lewis Hamilton brings 'A game' to display dominance in Italy

    Rosberg stopped for mediums at the end of lap 23, Hamilton having closed the gap to 11s. Initially, Hamilton was expected to take a 30-place grid penalty at Spa-Francorchamps.

    Brady expected to play tonight in Carolina

    "It's a crappy way to not be out there, because it's a silly mistake". "We'll find out together, I guess", Garoppolo said. He he definitely has an opportunity for himself and again you know get on the field for its foremost trying to.
    US auto sales expected to drop in August

    US auto sales expected to drop in August

    The August figures bring the sales for the year-to-date to 1,334,515 compared to 1,286,795 in the first eight months of last year. Fiat Chrysler reported August sales of 21,627 vehicles, compared with 26,995 units during the same month a year earlier.
  • Playoffs begin with eye toward PGA Tour player of the year

    Yeah, winning the FedEx Cup may be worth $10 million plus, but at this point Spieth doesn't need to make anymore money. Of those three events Day played only the 2012 Barclays where he finished T24 though will fancy his chances this week.

    Troopers say no survivors in Alaska midair crash

    Behavioral Health Aides are standing by across the region at YKHC clinics to speak with family and loved ones about the crash. Troopers say Wrase was flying a Ravn Alaska Cessna 208 Caravan from Russian Mission to the nearby village of Marshall.
    Tropical Storm warning canceled for Madeline

    Tropical Storm warning canceled for Madeline

    Tornadoes are possible late Wednesday night through Thursday morning across central Florida, the National Hurricane Center said. Lester has strengthened into a major category 3 hurricane with maximum sustained winds upwards of 115 miles per hour .
  • Organizers: Ticket sales up, Rio is ready for Paralympics

    In the field events, 2012 London Paralympics bronze medal victor Muhammad Ziyad Zolkefli competes in the men's F20 shot put. The Olympics in Rio saw a record breaking 42 LGBT athletes compete - with many winning medals and glory for their countries.
    Ghana to experience partial solar eclipse today

    Ghana to experience partial solar eclipse today

    Rabiu advised members of the public in the cities mentioned not to view the annular eclipse with naked eye. Central Africa along with island of Madagascar will be able to see annular solar eclipse , today.

    New iPlayer licensing law come into force

    You must be covered by a TV Licence to download or watch BBC programmes on iPlayer - live, catch up or on demand. Even if you don't own a TV and simply watch iPlayer on your iPhone you will still find yourself in trouble.

Breaking News



Recommended

USA activist found shot dead in burning vehicle

Officers responded to a call around 2 a.m Tuesday about a vehicle fire in Riverview , according to a statement from the police. It was a black boy being shot in the community. "We did not always agree, but he should be alive today".

Around 100 injured in clashes in Indian Kashmir

Calling the Valley a concentration camp, he said use of more force by the army will only strengthen the militancy movement. The separatists, who are spearheading the ongoing unrest, have extended the shutdown programme till September 8.

Kaine compares Trump's comments on Russian hacking to Watergate

Trump said, "I will tell you this, Russia: If you're listening, I hope you're able to find the 30,000 emails that are missing". Kaine ultimately changed the topic to attack Republican presidential nominee Donald Trump for not releasing his tax returns.

Obama calls off meeting with Philippine leader amid 'whore' jibe

Obama said he has no doubt that the San Francisco 49ers player is honest and "cares about some real, legitimate issues". National Security Council spokesman Ned Price says Obama will meet instead with President Park Geun-hye of South Korea.

Islam Karimov: Uzbekistan to bury its strongman leader with protocol

As the head of an authoritarian regime sometimes likened to North Korea, Islam Karimov was known to be ruthless. Several regional leaders will be attending the ceremony, including Russian Prime Minister Dmitry Medvedev.

Trump's Campaign Manager Says His Position on Border Wall 'Never Changed'

Not only did Trump not reach out to people who haven't supported him before, he virtually thumbed his nose at them. On the day after he promised to enforce the law and deport immigrant lawbreakers, Trump sent new mixed messages.

Prince William and Princess Kate Encounter 'Baby Dinosaur' in Cornwall

The Duke and Duchess of Cambridge, née Kate Middleton, are fulfilling public engagements in the Duchy of Cornwall these days. William and Kate made a decision to walk to their first location, a mail order flower business called Scilly Flowers.

Attempts of hacking state elections systems, investigated by the Federal Bureau of Investigation

USA officials have previously expressed concerns about Russia's involvement in the hacking of the Democratic Party organizations. In the two attempts, data from as many as 200,000 voter records in the USA state of IL was stolen, the officials told NBC News.

New MacBook Pro, MacBook Air, 5K Monitor to Be Launched in October

For example, if the user is on the desktop, the row will feature the standard keys such as toggles for brightness and media. Fresh speculations suggest that Apple will be unveiling MacBook Pro 2016, MacBook Air 2016 and iMac 2016 by early October.

Aguero to contest violent conduct charge

Winston Reid remonstrates with Bastian Schweinsteiger, who later received a three-match ban for violent conduct last December. Speaking about the incident following the West Ham match, Guardiola said he was prepared to cope if Aguero was banned.