Iran prevent reduced OPEC output

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SHAFAQNA (Shia International News Association)- Iran avoids calls for an OPEC emergency session to support prices with an aim of shunning its image as the organization’s price hawk, the Bloomberg website said on Tuesday.

The business company expressed belief in an article on its website that Iran is motivated by its desire to put an end to sanctions that have restricted its oil exports.

It quoted the website of the Iranian Oil Ministry as saying that “Oil Minister Bijan Namdar Zanganeh consulted with Iranian President Hassan Rouhani about political and economic reasons for the price collapse.”

The meeting concluded that “no emergency meeting of the Organization of Petroleum Exporting Countries is necessary to discuss the slide… Rouhani told Zanganeh to use the “oil diplomacy tool” to try to prevent a further decrease.”

The article also referred to the remarks of the head of the commodity strategy at Saxo Bank A/S in Dubai Ole Hansen Monday who believed Iranians “have their wings clipped a bit at the moment because they can’t really produce any more than they do. It’s difficult for them to call for any strict action when they know that when sanctions are lifted, they’re the ones that are going to ramp up production.”

OPEC, supplier of about 40 percent of the world’s oil, is scheduled to meet Nov. 27 in Vienna to assess production and market conditions just three days after the final day set for nuclear negotiations between Iran and the G5+1 which is expected to result in a deal leading to removal of anti-Iran sanctions among other things.

 

 

Source:IRNA

www.shafaqna.com

 

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