Iran sees no barriers to oil talks with Riyadh

MNA– Iranian Oil Minister Zanganeh, while emphasizing that Iran assumed no barrier to talks with Saudi Arabia on oil market issues, said bilateral talks will continue within framework of national and mutual interests.

Bijan Zanganeh touched upon Iran’s plans for pursuing talks with Saudi Arabia in the field of crude market and continuation of cooperation in OPEC saying “Tehran has recently held no bilateral talks with Saudis.”

The official emphasized that negotiations were however held between Iran and Saudi Arabia on the sidelines of OPEC summit in Vienna asserting that Iran held no objection to resumption of talks with Saudi Arabia for cooperation and coordination at OPEC level.”

He reiterated that Tehran would engage in dialogue with Saudi Arabia over issues related to the oil market and the Organization of the Petroleum Exporting Countries (OPEC); “once more, Iran stresses that is not against entering into negotiation with the Arab state in these areas.”

Zanganeh had earlier expressed satisfaction towards current crude market conditions as well as compliance of OPEC and non-OPEC members to the oil freeze deal.

Also on the sidelines on a meeting in Tehran on Tuesday evening Oil Minister of Venezuela and Nelson Martinez and the Foreign Minister of the Latin American country Delcy Rodriguez, the Iranian oil minister stated that market response to the oil cut by producers has been positive; “it is estimated that with the same trend ongoing, demand and supply in the market will reach a state of equilibrium as well as that volume of commercial oil reserves will decrease in countries,” he detailed.

Presently, price for each barrel of North Sea Brent crude oil stands at $55 while the figure for America’s West Texas is $52.