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Iran and Ecuador hold talks to prop up crude prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/08/2016 (14:07)
According to media reports, Iran and Ecuador, the smallest member of OPEC, met on Wednesday to discuss actions to be taken for supporting oil prices on the back of positive signals from Iran that they are willing to join an effort by oil exporters to freeze output.

Iran was reluctant to limit its crude oil production as the country was aiming to increase production to pre-sanctions levels while Saudi Arabia had said that they would not sign a deal without participation of all OPEC members, including Iran at the last OPEC meeting in April. However, OPEC sources reported recently that Iran is more willing to support efforts of other oil producers in stabilizing oil markets.

Iran’s Foreign Minister Mohammad Javad Zarif said that they have conducted talks to strengthen their positions in oil markets after meeting Ecuador’s President Rafael Correa.
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