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Venezuela says Iran and Russia support emergency meeting on oil prices: Shana
February 3, 2016 / 9:22 PM / 2 years ago

Venezuela says Iran and Russia support emergency meeting on oil prices: Shana

DUBAI (Reuters) - Venezuelan oil minister said six crude oil producing countries including Iran and Russia support convening an emergency meeting between OPEC and non-OPEC member states, Iran’s Oil Ministry’s news agency reported on Wednesday.

Venezuela has been calling for an emergency meeting to discuss steps to prop up prices, which are at their lowest since 2003.

However, Iran’s oil minister said last month any emergency meeting of the Organization of Petroleum Exporting Countries would hurt the crude oil market if there is no intention among members to make a firm decision.

“Iran, Russia, Oman, Iraq and some other countries support this (emergency) meeting,” Venezuelan Oil Minister Eulogio del Pino was quoted as saying by SHANA after his meeting with the Iranian oil minister, Bijan Zangeneh, in Tehran.

Venezuelan Oil Minister arrived in Tehran from Moscow and is scheduled to visit Doha and Riyadh for further negotiations.

“Iran supports Venezuela’s efforts to improve the oil market and its stability,” Zangeneh told reporters in a joint news conference with del Pino, according to SHANA.

Iran ordered an increase in crude output of 500,000 barrels per day (bpd) last month, to take advantage of the lifting of international sanctions imposed to halt Iran’s nuclear research. The sanctions had cut its oil exports by about 2 million bpd.

OPEC was already pumping oil at close to record levels, before any extra Iranian crude reached the market.

Reporting by Bozorgmehr Sharafedin; Editing by Alison Williams

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