Zanganeh:

OPEC consensus on oil freeze ‘highly likely’

News ID: 3828894 -
TEHRAN, Nov. 19 (MNA) – Iran’s minister of oil has said $ 55-60 per barrel of crude would be accepted as fair price.

Bijan Namdar Zanganeh who was speaking to the press after his meeting with Mr. Mohammed Sanusi Barkindo Secretary General of OPEC on Saturday, believed that the upcoming OPEC session of late November would hit a general consensus on oil freeze after Algeria session which was also a success in solving differences in quota production.

Zanganeh told reporters that Mr. Barkindo provided hope-inspiring assurances that OPEC members would come to a comprehensive agreement; we see the future in a positive light and would wait for better days for oil industry,” he added.

“Countries who had been producing oil profusely in recent years [with Iran absent from the scene], have proportionately more responsibility; western economy need to see higher prices for oil to find a way out of recession; decline in investment on oil industry would have negative impacts on the whole market in recent years,” Zanganeh told the press.

Asked about the possibilities of OPEC members’ compliance to Algeria session commitments, Zanganeh said OPEC members had been working to implement the commitment of Algerian session; “Iraq will also join the fellow members, an achievement for Mr. Barkindo in his talks with Iraqis; a committee purported to set a limit for oil production; however, it is largely a technical committee and decisions on oil limit are taken in ministerial meeting of OPEC,” he said.

On a possible scenarios proposed by such committee of experts, Zanganeh believed that Iran’s position had been the same as what had been offered in Algerian meeting; on fair prices, oil minister said that a price which would satisfy all member states is a fair price which was expected to vary between $ 55 and $60 per barrel of crude.

SH/3828810

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