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Iran backs OPEC move to stabilize crude market

Xinhua, June 1, 2016 Adjust font size:

Iran supports any decision by the Organization of Petroleum Exporting Countries (OPEC) to create balance in the crude market, the director of OPEC affairs at Iran's Oil Ministry said Wednesday.

"Iran supports any OPEC move to induce stability to oil market with fair and logical prices," Mehdi Asali was quoted as saying by Petro-Energy Information Network (SHANA).

Since the lift of western sanctions on Iran's energy sector in January, Iran has been ramping out its oil production and exports to claw back lost market share.

"Iran expects fellow OPEC members to understand Tehran's status which is trying to bring its market share and production level after years of draconian sanctions to the pre-sanctions levels," Asali said ahead of an OPEC meeting in Vienna of Austria on Thursday.

Western sanctions on Iran's energy sector over the latter's sensitive nuclear program had cut Iran's crude output to around 2.5 million barrels per day (bpd) and reduced exports to barely above 1 million bpd during 2012-2015.

On May 16, Iranian Oil Minister Bijan Namdar Zanganeh said that the country's crude production and exports had almost doubled compared to the levels seen during the sanctions period.

Zanganeh will leave Tehran for Vienna on Wednesday to attend the 169th ordinary meeting of OPEC, according to semi-official Mehr news agency.

The meeting seeks to determine OPEC policy for the next six months, to collectively study the situation of oil market and pick a new secretary general for the organization. Endit