News ID: 139797
Published: 0244 GMT April 18, 2016

Iran OPEC governor: Tehran favors oil market stability

Iran OPEC governor:  Tehran favors oil market stability

Iran's representative in OPEC's Board of Governors said Iran supports 'any move' that will help stabilize the global oil market.

Hossein Kazempour Ardabili told Shana, "The Islamic Republic has not ceased to support the move — however small and late it is — to stabilize the crude oil market, but has insisted that it cannot join the freeze plan before it its production level reaches the pre-sanctions level."

Countries that did whatever they could to derail Iran's talks with the P5+1 over Tehran's nuclear programs came out with a new agenda to prevent the country from regaining its rightful oil market share, believing that Iran would be bound to maintain its production at the sanctions' levels by accepting the freeze plan, he added.

The Sunday conference of OPEC and non-OPEC producers ended without an agreement on freezing crude oil production at January levels.

The meeting ended after 14 hours of intensive talks between member and non-members of the Organization of Petroleum Exporting Countries (OPEC) in Doha, Qatar.

The freeze plan was initiated after a preliminary agreement between Russia, Saudi Arabia, Venezuela and Qatar to keep their production at January 2016 levels.

Following the agreement, dozens of small and big producers voiced their willingness to join the agreement in a bid to curb the nettling oil price slump that kept bothering the economies of petroleum producers in the past 20 months.

Kazempour Ardabili said Iran has repeatedly and officially made its stance known to OPEC and non-OPEC producers which has been endorsed by a majority of them.

"Iran has insisted that oversupply of crude oil must be shunned," he said, adding, "The market shares of Iran and Libya have been usurped by other producers who have denied OPEC's production quota so that it would never become clear who is violating other members' rights. They have even added over two million barrels per day to inventories of consumers and the market glut cannot become any worse. Now they advise us to endorse the freeze plan and stop trying to regain our market share.

"We support any move to stabilize the market and encourage joint efforts by OPEC and non-OPEC producers in his respect."

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