TEHRAN (ecoideal)- Iranian President Hassan Rouhani called on all member-states of the Organization of Petroleum Exporting Countries (OPEC) to continue their cooperation to stabilize the global oil market and reverse the slump in prices.
"The efforts by OPEC and non-OPEC member states, specially Venezuela, has positively influenced the reduction of output and stability in oil market, but continuation of such efforts is needed," President Rouhani said.
The Iranian president, meantime, pointed to the status quo of Tehran-Caracas relations, and said, "Setting up joint Iran-Venezuela economic commission is an important step in line with strengthening mutual cooperation in all fields."
The Venezuelan president, for his part, urged Tehran and Caracas to further broaden their relations, and said, "The joint commission will create suitable grounds for straying the new opportunities aimed at forging Iran-Venezuela relations.
President Maduro also pointed to the consultations underway for stabilizing the oil market, and said, "We are trying to hold a meeting of both OPEC and non-OPEC member-states before the end of the current year in a bid to make the oil prices reach a suitable level."
In relevant remarks in late July, Iranian Minister of Petroleum Bijan Zangeneh said that the decisions made the OPEC are fully implemented in the global oil market.
Speaking to reporters following a meeting with his Iraqi opposite number in Tehran on Sunday, Zangeneh described Iran and Iraq as two influential members of OPEC.
Expressing optimism that the increasing level of crude oil inventories that often put pressure on oil prices in the market would reach a more favorable state provided that OPEC decisions are suitably implemented in the coming months.
"I hope… we will see the trend we envisage for a fair price be stabilized.," he added.
Zangeneh said Tehran-Baghdad ties in OPEC have always been close throughout history especially after Iraqi dictator Saddam Hossein's downfall.
"Given last year's OPEC decisions, the organization has displayed firm determination and strong will to manage the global oil market and its decisions have been suitably implemented in the market," the official added.
Even though the market has experienced minor instability recently because of the unforeseen rise in US crude output as well as increased production by Libya and Nigeria, "we are optimistic that by fully implementing OPEC decisions in the future months, the increasing crude inventories that put pressure on the prices reach a favorable level and we see the trend we envisage for a fair price be stabilized.."
He also said Islamic Republic of Iran and Iraq are two founding members of OPEC and would undoubtedly fulfill their roles in the organizations.
Source: Farsnews