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Iran backs calibration of global oil market

Iran, OPEC's third-largest producer, has been boosting its oil output after the lifting of Western sanctions in January. Photograph: (AFP)

Reuters Dubai - United Arab Emirates Sep 18, 2016, 09.22 AM (IST)
Iranian President Hassan Rouhani has supported attempts to stabilise the global oil market and raise prices, the Iranian oil ministry's SHANA news agency reported. 

"Instability and falling oil prices are harmful to all countries, especially oil producers," SHANA quoted Rouhani as saying.

"Tehran welcomes any move aimed at market stability and improvement of oil prices based on justice, fairness and fair quota of all the oil producers," the president said, referring to a meeting between OPEC and non-OPEC producers in Algeria next week, SHANA said.

Rouhani, who is in Venezuela for the Non-Aligned Movement (NAM) Summit, was holding talks with the Ecuadorean President Rafael Correa, SHANA reported. 

Tehran had earlier refused to join a previous attempt this year by OPEC and non-members such as Russia to stabilise production, and talks collapsed in April.

Iran is OPEC's third-largest producer and has been boosting its oil output after the lifting of Western sanctions in January.

OPEC members are set to meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on September  26-28. with Non-OPEC producer Russia also attending.

OPEC might revive talks on freezing oil production levels when it meets non-OPEC nations in Algeria, Reuters reported.

Saudi Arabia and Russia agreed to cooperate in oil markets earlier this month, saying they could limit future output.

The OPEC secretary general Mohammed Barkindo, however, appeared to play down suggestions of a major agreement by saying the Algiers meeting would be an informal meeting for consultations and not for decision making, Algerian state news agency APS reported on Saturday.

(WION with inputs from Reuters)
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