Iran will help other oil producers to stabilize the world market if other members of OPEC recognize his right to the recovery of the share market. This was stated by the country’s oil Minister Bijan Namdar Zanganeh on Friday, Reuters reported.
Commenting on the proposal on the freezing of oil production, he said that Iran supports any effort to establish stability in the market.
“Iran will cooperate with OPEC to help the oil market to recover, but expects that others will respect his right to reclaim lost market share”, – quotes the Minister news Agency SHANA.
Tehran insists it will be ready to work together, only when they return to pre-sanctions levels of oil production to 4 million barrels per day. According to OPEC, in July, Iran produced 3.6 million barrels per day.
Zanganeh said that Iran played no role in the stability of the market, since the price drop started when the country’s exports amounted to less than 1 million barrels per day.
Iran, the third largest producer in OPEC, increased their production after the lifting of Western sanctions in January, and was forced to withdraw to join the OPEC and outside of the organization of countries who tried earlier in 2016 to negotiate a freeze of production.
OPEC representatives will meet behind the scenes of the International energy forum with the participation of producers and consumers of oil, which will be held in the capital of Algeria, 26-28 September.