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Iran Says Positive Market Reaction to OPEC Decision will Continue

Source: www.gulfoilandgas.com 2/12/2017, Location: Asia

Iranian Minister of Petroleum Bijan Zangeneh described the oil market reaction to Organization of the output cut plan of the Petroleum Exporting Countries (OPEC) as desirable, saying the current trend is expected to continue.

Speaking to reporters following a meeting with Venezuelan Foreign Minister Delcy Rodriguez in Tehran on Tuesday, Zangeneh said the stances of Tehran and Caracas regarding the OPEC decision and mutual strategic cooperation have been long-lasting and the two countries share similar stances in OPEC.

"Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances," said the Iranian official.

Venezuela is not just a friend for Iran, but a strategic partner, he added, saying: "We also welcomed Mr. Nelson Martinez as the new Venezuelan Oil Minister to his post, and Venezuela has always been an active and innovative member in the OPEC. We support its stances in the organization."

The Iranian Minister of Petroleum further lauded OPEC members for living up to their promises to lower their crude oil output, and said: "Non-OPEC producers have started lowering their output and have promised to bring it to the level agreed upon soon."

The market has reacted pretty well to the OPECs output cut and this trend is expected to continue, he added. "Commitment to the decision will rebalance supply and demand in the market and lower the level of crude oil inventories."

Venezuelan oil and foreign ministers arrived in Tehran on Tuesday evening for Tehran-Caracas new oil talks to kick off in two days.

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