Algeria, Iran Talked Oil Market Balance

Algeria, Iran Talked Oil Market Balance

The Algerian Energy Minister, Nouredine Bouterfa, met with with his Iranian counterpart, Bijan Zanganeh, in Tehran. The two ministers discussed the possibility of developing mutual relations in various fields in the energy sectors, and stated that Iran and Algeria enjoy long-term and strategic ties within the Organization of the Petroleum Exporting Countries (OPEC), Azer News reported.

During Algeria’s visit to Tehran, Zanganeh confirmed that he will take part in the upcoming meeting of the world’s energy ministers which will be held in Algeria and is scheduled for September. It is expected that during the meeting,  OPEC and non-OPEC countries will hold talks on oil production freeze, according to Energy Economic Times.

Zanganeh added: “Iran is ready to support any decision to help restore balance to the oil market after it regains its pre-sanctions market share.”

Earlier in the year, Iran rejected the idea to hold outputs at the January levels, when approached by other OPEC countries, in particular, rival Saudi Arabia about the production freeze.

The secretary-general of the OPEC, Mohammed Barking, also intends to visit Tehran early September to try and convince Iran to join the freeze plan.


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