27 September 2016 - 12:05
Oil market in poor conditions

TEHRAN, Sep. 27 (MNA) – Oil Minister Zanganeh said the current oil market in not favorable for consumers and producers.

The official made the remarks on Monday afternoon before leaving Tehran for Algeria to attend the 15th International energy Forum (IEF) asserting “the meeting of OPEC members in Algeria is merely consultative the results of which will be used in the 170th Ordinary OPEC Meeting to be held in Vienna of Austria in October.”

Bijan Zanganeh pointed to reduction of investment in global markets, including the oil industry saying “the issue will be to the detriment of consumers in the long run.”

“Expectations should not be high from the OPEC summit in Algeria since it will be a consultative session whose outcomes will count as a preliminary round for Vienna session,” he continued.

Iran’s oil minister referred to the presence of non-OPEC states at the Algiers session explaining “Iran is likely to hold talks with these countries over reaching a stability in the oil market.”

Zanganeh, while underlining that current market conditions are disadvantageous, said readiness is being shaped for stabilizing the oil market.

The member of the cabinet urged all participants at IEF to take advantage of the event by holding negotiations over crude market stabilization.

“IEF also offered Iran a great opportunity to fulfill its requirement in the post sanction era by conducting talks with CEOs of giant oil companies,” underscored the official recalling that Iran needs three factors of market, investment and technology.”

At the end of his remarks, Oil Minister Zanganeh reiterated that Iran would back any initiative to bring stability to crude oil markets.

HA/3779646

News Code 120061

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