Iran supports Venezuela’s bid to improve oil market

According to a Bloomberg report, six Opec member states and two non-members have said they’ll consider attending an emergency meeting if one is called, citing Opec member Venezuela’s oil ministry. “We are close to reaching an agreement between oil producing countries-members of OPEC and non-members”, Maduro told a meeting on agricultural issues on Saturday, adding, “This does not mean that we have already come to it.”. “Iran is the first OPEC country which I visited to hold talks”. “Current prices are below equilibrium, and that encourages the speculators and market instability”.

Undoubtedly, the main axis of talks between Zanganeh and Del Pini in Tehran would be investigation and evaluation of the prospects for global oil process as well as the reduced impact of OPEC in controlling the prices in addition to the supply and demand trends in the worldwide market of crude oil.

The sides also reviewed their fruitful cooperation through Petrozamora, the joint PDVSA-Gazprombank project for the exploitation of mature fields in western Venezuela.

Del Pino said he had consent from several countries to hold an “emergency meeting” in the wake of a plunge in world oil prices.

Brent crude has dropped from US$115 a barrel in June 2014 to less than US$30 last month.

“Iran supports Venezuela’s efforts to improve the oil markets and its stability”.

Saudi Arabia, which maintains huge influence in OPEC, is now running into difficulties after their huge gamble last November opting to flood the market and drive out their rivals.

Amid the slump in the price of oil – Venezuela’s chief source of export revenue – the past two years saw an aggravation of the economic crisis.

Lack of industry and an expensive campaign of regional funding rooted in a foreign policy of countering Iranian influence, including the onslaught in Yemen, is expected to deplete Saudi financial resources.