Rouhani: Iran backs efforts aimed at stabilizing oil market

October 23, 2016

TEHRAN – President Hassan Rouhani has underlined Iran’s support for any effort in line with restoring stability to the global oil market.

“Iran backs any measure aimed at bringing stability to the oil market, fair prices and producers’ fair share of the oil market,” Rouhani said during a meeting with visiting Venezuelan President Nicolas Maduro in Tehran late on Saturday.

He also emphasized the necessity of coordination and cooperation among OPEC and non-OPEC countries in this regard.

Rouhani further stressed that cooperation between the two countries has been developing in recent years.

“Iran has always put great emphasis on expansion of ties with Latin American countries, especially Venezuela,” the Iranian president said.

Elsewhere in his remarks, Rouhani warned of the scourge of terrorism in the region and across the world and called on all of the world’s countries to unite against this vicious phenomenon.

He went on to criticize certain world powers for using terrorist groups to their benefits, saying, “These countries will ultimately suffer greatly as a result of their actions.”

Maduro, for his part, said his country was determined to expand cooperation with Iran in all areas.

The Venezuelan president also pointed to his negotiations with other oil-producing countries in order to restore stability to the oil market and called on all OPEC and non-OPEC countries to establish new mechanisms to achieve this end.

He also said his government supports further cooperation between Tehran and Caracas to accelerate the implementation of agreements reached by the two countries.

Oil-exporting countries have been ramping up efforts in order to limit production levels to keep global oil prices at fair levels. 

Since the implementation of the nuclear agreement between Iran and six world powers that also removed oil-related sanctions, the Islamic Republic has been trying to raise its oil output to levels prior to the imposition of the U.S.-led sanctions.

Saudi Arabia has responded by boosting its crude exports, ruining plans aimed at stabilizing oil market.

MH/PA

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