Oil market could stabilize in a year: Zangeneh

TEHRAN, March 14 (Shana) – Petroleum Minister Bijan Zangeneh said the global oil market will stabilize in less than a year if major producers intervene.

He made the comments following a meeting with Russian Energy Minister Alexander Novak here on Monday saying that the production freeze to stabilize the market will be the first step by the major producers from OPEC and non-OPEC countries.

“It is decided that a joint meeting of OPEC and non-OPEC producers will convene,” he added.

Saying that Russia has suggested Iran be singled out from an output freeze because of its reduced production under sanctions, Zangeneh said that some OPEC member countries have not been firmly raising the exemption.

“The positions of Russia about Iran’s return as well as resumption of stability to the oil market were encouraging and very positive,” he told reporters.

Zangeneh, who was upbeat over his talks with the Russian minister, also said that two sides’ analyses of the oil market were close.
“Russia had a very clear position about Iran’s return,” he added, “The propaganda was contrary to what he said today.”

Novak told reporters that Iran can be exempted from the freeze to stabilize the market because its production and export s had decreased under sanctions.

“It is for 17 or 18 years that I am familiar with Russians’ positions. This was most positive stand that I heard in the meeting which made me hopeful over improvement of the market in future,” Zangeneh said.