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Iran shows willingness to support oil prices

by ChemOrbis Editorial Team -
  • 24/08/2016 (16:10)
According to media reports, Iran is taking a positive approach towards a joint action to support oil markets despite having made no final decision yet. Market sources say Iran seems to be more supportive in trying to reach a consensus with other oil producers.

Iran has been increasing its oil output gradually following the removal of sanctions in January to be able to regain its market share. Therefore, Tehran refused to curb its production at the most recent OPEC meeting that took place on April 17 in Doha.

Venezuelan Oil Minister Eulogio Del Pino has recently visited oil producing countries, including Iran and Saudi Arabia, to encourage efforts by some OPEC members and non-OPEC members to stabilize oil markets.

OPEC members will meet in Algeria next month at the International Energy Forum and the organization is also expected to renegotiate an output freeze. Iran has confirmed its participation in the OPEC meeting in Algeria, according to an OPEC source.

Iran had previously said that it would not agree on a freeze unless it reaches pre-sanction levels of 4 million barrels per day (bpd). According to OPEC data, it produced 3.6 million bpd in July.
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