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- Third step: Iran officially informs EU of plan to expand nuclear R&D
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- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
Minister of Petroleum Bijan Zangeneh said Iran has no problem for talks with Saudi Arabia in order to stabilize the oil market as he praises OPEC commitment to production cuts.
"We have no problem to continue talks with Saudi Arabia on further coordination at the OPEC level,” he said.The minister made the remarks after talks with his Venezuelan and Omani counterparts in Tehran on Tuesday night, describing relations between Tehran and Caracas both at OPEC and other levels "strategic,” IRNA news agency reported.
Zangeneh said OPEC members had consensus on oil price at $60 per barrel, adding members had to cut output further after agreeing to slash production by 1.2 million bpd to 32.5 million bpd for the first six months of 2017 on Nov. 30. Non-OPEC members Russia, Oman and Mexico agreed to shave 558,000 bpd off their production.
"The market needs to cut production a bit more for the second six months of the year but this issue requires further negotiation and review,” he said.
Iran and Saudi Arabia, he said, "will continue to hold negotiations within the framework of their common and national interests,” Fars news agency reported.
Zangeneh stressed that the two major oil producers had held no bilateral talks recently but "I would like to stress that there is no problem whatsoever for further negotiations.”
The minister said the market’s reaction to OPEC and non-OPEC members’ production cut had been positive.
"OPEC members' commitment to cutting production has been very good and this trend continues. Non-OPEC members have also started cutting output and we hope they will quickly get to the figures they have committed to reach," he said.
"We predict that if the current trend continues, the supply and demand situation in the oil market will balance out and even crude oil inventories of countries will fall,” he added.
Zangeneh met Venezuelan Oil Minister Nelson Martinez who traveled to Tehran after visiting Moscow with Foreign Minister Delcy Rodriguez.
Both Iranian and Russian officials praised Venezuela’s help to stabilize oil prices and their close cooperation in the framework of OPEC.
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