"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".
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