Iran’s Oil Minister, Bijan Zangeneh, said that Tehran was ready to hold talks with Riyadh to discuss the current conditions in international oil markets. “We support any form of dialogue and cooperation with OPEC member states, including Saudi Arabia,” Reuters reported. “If there were a strong political will, the price of oil would have been balanced within one single week,” he added, according to Press TV.

The Iranian oil minister emphasized in January that the current oil prices harm all producers and certain countries’ insistence on overproduction is politically motivated.

OPEC has been producing nearly 1mb/d of oil more than its 30mb/d ceiling for the past 16 months, after the organization approved a Saudi plan to scrap allocating fixed production quotas to member countries in December 2011, Iran Daily informed. OPEC instead introduced output ceiling of 30mb/d. Zangeneh has described the decision as a historic mistake, saying that “making up for this big mistake and reviving the quota system in OPEC is a very hard task.”

Currently, the global excess of oil in the market, produced chiefly by Saudi Arabia and non-OPEC producers, amounts to 2.5mb/d. Overproduction has caused crude prices to lose around 60% of their value since mid-2014.