Iran supports any move to stabilise oil market

Tehran, Opec's 3rd-largest producer, has been boosting its oil output after the lifting of Western sanctions in January

Iran’s President Hassan Rouhani said Tehran supports any move to stabilise the global oil market and lift prices, the Iranian oil ministry news agency SHANA quoted him as saying on Sunday.

“Instability and falling oil prices are harmful to all countries, especially oil producers,” Rouhani was quoted as saying by SHANA.

THE ISSUE

• Iran has been boosting its oil output after the lifting of Western sanctions in January
• Tehran refused to join a previous attempt this year by Opec and non-members such as Russia to stabilise production, and talks collapsed in April
• Opec will probably revive talks on freezing oil production levels when it meets non-Opec nations in Algeria

“Tehran welcomes any move aimed at market stability and improvement of oil prices based on justice, fairness and fair quota of all the oil producers,” the president said, referring to a meeting between Opec and non-Opec producers in Algeria next week, SHANA said.

Rouhani was speaking to Ecuadorean President Rafael Correa on the sidelines of the Non-Aligned Movement (NAM) Summit in Venezuela on Saturday, SHANA reported.

Iran, Opec’s third-largest producer, has been boosting its oil output after the lifting of Western sanctions in January.

Tehran refused to join a previous attempt this year by Opec and non-members such as Russia to stabilise production, and talks collapsed in April.

Opec members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on September 26-28. Non-Opec producer Russia is also attending the forum.

Opec will probably revive talks on freezing oil production levels when it meets non-Opec nations in Algeria, sources have told Reuters.

Saudi Arabia and Russia agreed this month to cooperate in oil markets, saying they could limit future output.

However, on Saturday, Opec Secretary-General Mohammed Barkindo appeared to play down suggestions of a major agreement by saying the Algiers meeting would be an informal meeting for consultations and not for decision making, Algerian state news agency APS reported.