Iran Supports Measures to Stabilize Oil Market

Iranian President Hassan Rouhani said his country will support any measure aimed at stabilizing global oil market and recovering prices.

“The Islamic Republic of Iran will support any move toward market stabilization and oil price recovery based on justice, fairness and just share for oil producing countries,” Rouhani said during a meeting with OPEC Secretary General Mohammed Barkindo in Tehran.

Instability and stumbling oil prices will be detrimental to oil exporting countries, he stressed, saying that the two factors will be also inconsistent with major global objective of environment conservation.

Barkindo, for his part, thanked the Islamic Republic of Iran for its continued support for OPEC’s independence, stressing that all producing and exporting countries should enhance their cooperation in order to address the current challenges in the global oil market.

Hailing Iran’s great achievements in the energy sector, he said the country has managed to make great progress and major strides in various fields of economy, particularly in the oil and gas industry, in a short period after the removal of anti-Tehran sanctions and despite all challenges.

Iran currently produces around 3.8 million bpd of oil. The sanctions had cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.

(Source: Tasnim, under Creative Commons licence)

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