Secretary General of OPEC: Iran may be involved in the installation of oil production later

2203 2016

VIENNA (Reuters) - Secretary-General of OPEC said on Monday that Iran may join later to other oil producers who intend to install production to support prices as the country seeks to increase its exports first.

And meet producers from the Organization of the Petroleum Exporting Countries and outside on April April 17 in Qatar to discuss bringing stability to prices by freezing production levels. But Iran insists it will increase exports after the lifting of Western sanctions that were imposed in January.

And Abdullah al-Badri said OPEC Secretary-General during a press conference in Vienna: "I hope that the meeting to produce positive results." He said Iran "does not oppose the meeting, but they have some conditions with respect to access to their productions .. maybe in the future join the group."

The new statements indication that Iran's position will not prevent the installation of a broader oil production agreement. The Gulf oil exporters, including Saudi Arabia had insisted before the need for the participation of all major producers.

Badri said he hoped to be a decline in oil prices - traded on Monday above $ 41 a barrel, up from the lowest price in 12 years near $ 27 recorded in January - has reached the extent and expected to rise more if possible oversupply filter.

"The price rise and I hope that this trend will continue .. I do not expect that the price rises too much, but I expect a moderate level.

"At the moment the only problem that I see is the excess quantities on average stocks of five years, which is about 300 million barrels.

"If we can get rid of these three hundred million barrels ... the prices will return to normal."

He said some OPEC delegates that additional action, including lower supply may be followed by freeze agreement by the end of the year. Badri said it was too early to talk about production cuts when asked in this regard.

"Let's freeze and we look at what happens and then we talk about any other steps in the future."

(Preparation Ahmed Inspirational Arab Bulletin)

Reuters 2016