Iran to help restore oil market balance after it 'regains share'

Tehran has been sending positive signals that it may support joint action at OPEC to prop up oil market

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Iran is ready to support any decision to help restore balance to the oil market after it regains its pre-sanctions market share, the Iranian oil ministry’s SHANA news agency reported on Saturday, quoting a minister.

“Deputy Petroleum Minister in International Affairs and Trading Amir Hossein Zamaninia voiced Iran’s support for any decision that would help restore balance in the oil market, saying the country can only be cooperative in this field once it regains its pre-sanctions oil market share,” SHANA said.

Zamaninia was speaking after a meeting in Tehran between Iranian Oil Minister Bijan Zanganeh and his Algerian counterpart Nouredine Bouterfa.

Iran, OPEC’s third largest producer, has been sending positive signals that it may support joint action to prop up the oil market, potentially aiding efforts to revive a global deal on freezing production levels.

Meeting in Algeria

Members of OPEC will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.

Zanganeh has confirmed that he will attend the Algeria meeting.

Zamaninia said OPEC countries need to find a way to revive the quota system.