27 September 2016 - 13:05
  • News Code: 269900
OPEC Quota System Needs to Be Restored: Iran

TEHRAN, Sept 27 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said Iran favors cooperation of OPEC and non-OPEC crude oil producers for restoration of market stability, saying the quota system for OPEC suppliers will have to be restored in the mid or long term and there would be no other choice.

Speaking in Algeria Tuesday morning prior to the official opening ceremony of the 15th International Energy Forum in Algiers, Zangeneh told reporters that various issues may be raised before and parallel with the informal advisory meeting of the Organization of Petroleum Exporting Countries (OPEC) member countries on the sidelines of the IEF.

"We has always backed OPEC's role in the market," he said, adding, "Some have prevented OPEC to function in the past two years and have turned the organization in a forum in practice."

He said OPEC must take measures to maximize and stabilize revenues of its members, but the organization has lost its influence in the past two years. 

Regarding Saudi Arabia's proposal to Iran to keep its output at 3.6mbd, Zangeneh said, "We have not yet received any official proposals from this country." 

He also said he was in Algiers to attend the IEF, not the informal OPEC meeting, saying the meeting is a chance for some consultations in Algeria.

News Code 269900

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