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Iranian president urges further OPEC convergence for market gain

Xinhua, December 9, 2016 Adjust font size:

TEHRAN, Dec. 8 (Xinhua) - Iranian President Hassan Rouhani on Thursday called for cooperation among the members of Organization of the Petroleum Exporting Countries (OPEC) to stabilize crude market, state IRIB TV reported.

"It is necessary for OPEC members to continue cooperation to stabilize market and to raise the crude prices," Rouhani said in a telephone conversation with the Venezuelan President Nicolás Maduro on Thursday.

"As the first step, the crude producers should do their utmost efforts in the next six months to implement the agreement in the recent OPEC meeting," he said, adding that the continuation of contacts among the 12 OPEC member states was a must.

He emphasized the supports for the increase in the crude prices, describing the role of the non-OPEC members in the success of the recent agreement as important.

"The close cooperation between OPEC and non-OPEC oil producers for the market stability and raise of the prices is of grave importance," he stressed.

Rouhani also called the recent decision by the OPEC to cut oil output as a "success" for the oil cartel and the global market, saying the impact of this agreement would be felt in the coming months.

The OPEC decided on Nov. 30 to cut its oil output by 1.2 million barrels per day (bpd), setting the ceiling of oil production at 32.5 million bpd.

The cut, effective from Jan. 1, 2017, is the oil cartel's first oil reduction since 2008.

According to the agreement, Iran will keep its production at 3.8 million bpd, about the same as the country's pre-sanction level in 2008.

The reduction is being coordinated with non-OPEC country Russia, which promised to cut its production by 300,000 bpd.

OPEC is said to establish a ministerial committee to monitor the implementation of the output cut agreement. Endit