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Iran supports US$50-60 oil price, stability measures-state

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Iran supports an oil price of US$50-60 per barrel and any measure to stabilise the market, state TV quoted the country's oil minister as saying on Tuesday. "Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran,"Bijan Zanganeh said after meeting Opec Secretary-General Mohammed Barkindo in Tehran.

[ANKARA] Iran supports an oil price of US$50-60 per barrel and any measure to stabilise the market, state TV quoted the country's oil minister as saying on Tuesday. "Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran,"Bijan Zanganeh said after meeting Opec Secretary-General Mohammed Barkindo in Tehran.

Opec's third-largest producer, Iran has signalled willingness to support the possible revival of a global deal on freezing production levels only if fellow exporters recognise its right to regain market share lost as a result of sanctions.

Under a deal reached with six major powers in 2015, international sanctions imposed on Iran ended in January in exchange for Tehran curbing its nuclear programme.

Efforts by Opec and non-Opec oil exporters to reach an agreement on freezing output earlier this year foundered because Iran declined to participate.

sentifi.com

Market voices on:

Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept 26-28, during which they are expected to discuss a possible output freeze.

Non-Opec member Russia is also expected to attend the IEF.

Hit by global oversupply, oil prices collapsed to as low as US$27 per barrel earlier this year from as high as US$115 in mid-2014, but have since recovered to around US$47. "We support oil prices between US$50 and US$60 per barrel,"Zanganeh said.

A senior Iranian official said on Monday Iran was ready to raise its output to 4 million barrels per day in a couple of months depending on market demand.

Opec kingpin Saudi Arabia and Russia agreed on Monday to set up a task force to review oil market fundamentals and to recommend measures and actions that would secure market stability.

REUTERS

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