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Iran's president urges cooperation among OPEC members to stabilize oil market

Xinhua, September 18, 2016 Adjust font size:

Iran's President Hassan Rouhani on Sunday urged close cooperation among OPEC member states in the upcoming meeting of the cartel in Algeria to stabilize the oil market, Iran's Petro Energy Information Network (SHANA) reported.

"I hope, through close cooperation and engagement, effective steps will be taken for the collective interests in the upcoming OPEC meeting," Rouhani said, adding that "this is a need for oil market stability and fair prices."

Earlier, SHANA reported that Iranian Oil Minister Bijan Namdar Zanganeh would take part in a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Algeria in September.

In the meeting, the Iranian delegation would encourage the OPEC member states for an agreement on the curb of oil output aimed to create balance in the market.

Oil prices in the market have fallen to around 50 U.S. dollars a barrel from some 100 dollars in 2014.

The OPEC members will meet on the sidelines of the International Energy Forum in Algeria on Sept. 26-28.

The OPEC will probably revive talks on freezing oil production levels when it meets non-OPEC nations in Algeria, according to SHANA. Endit