Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices

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Iranian Minister of Petroleum Bijan Zangeneh discussed the latest oil market developments and price fluctuations with Mohamed Arkab, Algerian Minister of Energy and Mines and the President of OPEC Conference on Tuesday afternoon. He also had a telephone conversation with his Russian and Kuwaiti counterparts on Monday.

In a tweet, Mr. Zangeneh said:

I just talked with the President of the OPEC Conference and the Honorable Algerian Energy Minister. Also, yesterday evening, I had telephone conversations with the Honorable Energy and Oil Ministers of Russia and Kuwait regarding decide-making at the upcoming meeting between OPEC members and other oil producers to restore stability in the oil market.

“It was stressed in the talks that producers from other countries, including the United States and Canada, should also be involved, and before any OPEC-non-OPEC summit, an agreement should be reached on the basic production figures for each country, which will necessarily be the basis for reducing production.