29 Mar 2024
Sunday 4 September 2016 - 12:14
Story Code : 229868

Iran in favor of oil market balance: Official

 

TEHRAN, Sep 03 (Shana) -- Deputy Petroleum Minister in International Affairs and Trading Amir Hossein Zamaninia voiced Iran's support for any decision that would help restore balance in the oil market, saying the country can only be cooperative in this field once it regains its pre-sanctions' oil market share.

Speaking to reporters following Iranian Minister of Petroleum Bijan Zangeneh's meeting with his Algerian opposite number in Tehran on Saturday, Zamaninia said discussions regarding Iran-Algeria ties in the Petroleum Exporting Countries (OPEC), and cooperation in petrochemical and liquefied natural gas (LNG) projects were among the meeting's highlights.

"Helping restoration of balance in the oil market as well as discussions regarding the upcoming unofficial meeting of members and non-members on the sidelines of the International Energy Forum (due on September 26-28) and the price of oil were also focused in the meeting," he said.

The official underlined Algeria's advancement in production of LNG, saying the country supplies 30 million tons per year of LNG to Europe and can be a good partner in this fields for Iran.

He further said Algeria has planned to conduct petrochemical projects, adding Iran can be helpful to Algeria as a major country in the petrochemical industry.

"It was decided that further talks in this regard will be held by Iranian Ministry of Petroleum's subsidiaries and experts with Algerian companies in a bid to countries devise a plan for cooperation in this field," Zamaninia added.

He said Iran considers Algeria as an important country in political and energy grounds, adding, "For this reason the ministers of the two countries welcomed further cooperation."

Necessity of Reviving OPEC Quota

He said Algeria tabled a number of suggestions for restoration of balance in the oil market during the meeting.

"Naturally, if every producer supplies as much oil as they can produce, there would be no market balance," he added.

He said Iran's stance regarding restoration of market balance is "fair and incontrovertible."

He said the OPEC production quota shall be revived for OPEC to become a decision-making organization once again.

By SHANA

 
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