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Iran says OPEC succeeded in raising oil prices, stabilising markets

August 18, 2020 at 9:45 am

Iranian Oil Minister Bijan Zanganeh 27 September 2016 [Ramzi Boudina/Reuters]

The Iranian Oil Minister Bijan Zanganeh said yesterday that OPEC has succeeded in raising crude prices and stabilising oil markets.

“OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilised,” Zanganeh said in a statement posted on the ministry’s website.

According to the official, the oil sector in Iran has signed 13 contracts worth about €1.5 billion ($1.8 billion) with 14 local companies to boost the country’s crude production.

“We welcome the participation of all foreign companies in developing oil industry projects, with the exception of Israeli companies,” Zanganeh said, adding, “but we will continue our work even without their participation in our projects.”

In April, OPEC and non-OPEC oil producing states agreed to cut crude oil production by 9.7 million barrels per day in May and June, in response to a 30 per cent drop in global demand for fuel caused by the coronavirus pandemic.

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