Iran says ready to discuss oil market with Saudi Arabia

10/02/2016 Argaam

Iran’s oil minister Bijan Zangeneh on Tuesday said Tehran is ready to discuss the current global oil market with Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC).

 

“We support any form of dialogue and cooperation with OPEC member states, including Saudi Arabia,” Zangeneh was quoted as saying by local media.

 

The minister earlier said the current levels of prices will affect all oil exporters.

 

“None of the oil producers are happy with the existing prices, which will harm suppliers in the long term,” he added.

 

Following the report, oil prices bounced up on Wednesday with Brent crude rising 2.24 percent to $31 a barrel by 12:15 pm Dubai time.

 

Brent has edged closer to the $30-mark, after it briefly rose above $35 a barrel last week when Venezuela reached out to OPEC and Russia seeking collaboration on controlling the decline in oil prices.

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