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World oil prices

Iran to support any initiative to improve situation with oil prices — Iranian oil minister

Tehran welcomes the cooperation, both with the OPEC countries, as well as with non-member states

© EPA/JULIAN STRATENSCHULTE

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UAE ready for cooperation to stabilize oil prices — energy minister

TEHRAN, February 17. /TASS/. Iran will support any initiative to improve the situation with oil prices, Iranian Oil Minister Bijan Zanganeh said Wednesday after the talks with Venezuelan Minister of Petroleum and Mining Eulogio Del Pino, Iraqi Oil Minister Adel Abdel Mahdi and Qatar's Energy Minister Mohammed bin Saleh al-Sada on freezing oil production.

"Iran will support any steps aimed at improving the situation in the crude oil market and increasing oil prices," Shana quoted the Minister.

"We welcome the cooperation, both with the OPEC countries, as well as with non-member states. The proposal made yesterday in Doha for OPEC members and other countries to freeze oil production was made to stabilize the market and to improve the situation with oil prices in the interests not only of consumers but also producers of hydrocarbons," he said.

"Although this is the first step it should not be the last. It could mark the beginning of further cooperation between OPEC and other producers to improve the situation in the oil market," the Minister said.

At the same time, the Iranian Minister said that the impact of the Doha decisions on pricing mechanism could be assessed only after some time.

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During today's talks, the sides discussed the Iranian position and the situation related to its return to the market after the lifting of sanctions, stressed Zanganeh. At the same time, SHANA agency does not report the details and outcome of the discussion on this topic.

On Wednesday, the oil ministers of Iran, Venezuela, Iraq and Qatar held talks to discuss the possibility of freezing the level of oil production.

On February 16, the talks between Russian Energy Minister Alexander Novak and representatives of the Organization of the Petroleum Exporting Countries (OPEC) member-states in Doha (Qatar capital) resulted in an agreement to freeze oil production at the level as of January 11.

The meeting was attended by oil and energy ministers of the Russian Federation, Saudi Arabia, Qatar and Venezuela.

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