More chances for OPEC deal as Iranian president backs Barkindo

Hassan Rouhani, president of the Islamic Republic of Iran, says his country will work with Mohammad Barkindo, secretary-general of the Organisation of the Petroleum Exporting Countries (OPEC), to attain fair oil prices on the global market.

Rouhani disclosed this at a meeting with Barkindo in Tehran on Tuesday, and congratulated him on the progress made so far as the secretary-general of the oil cartel.

The meeting, which was also attended by Bijan Zanganeh, Iran’s minister of petroleum, heightened hopes for an OPEC market stability deal in Algeria later this month.

Rouhani congratulated Barkindo, prayed for his success, and welcomed his visit to Tehran to discuss the challenges, as well as opportunities, facing the global oil market.

He said Iran had suffered greatly under sanctions, and it was vital for the country to make up for its lost oil production.

He added that OPEC has a responsibility to restore market stability, and Iran would continue to support these endeavours and help bring about fair prices that are conducive to both producers and consumers.

Barkindo offered his gratitude for Iran’s support of his candidature for the position of OPEC secretary-general, and conveyed the greetings of President Muhammadu Buhari.

Barkindo and Zanganeh held a closed-door meeting at the headquarters of the petroleum ministry in Tehran, discussing the current oil market situation and the importance of restoring stability.

Zanganeh expressed his “confidence” in Barkindo, “a skilled oil industry practitioner and OPEC veteran, to achieve the common goals of the Organisation”.

On Monday, Barkindo had met with Mohammed Bin Saleh Al-Sada, Qatari minister of energy and industry, and Noureddine Boutarfa, Algeria’s minister of Energy, in Doha, Qatar.

According to OPEC secretariat, the trio discussed the outlook for the oil market, and considered ways that oil producers might respond to ongoing and future challenges facing the industry.

The high-level meeting was also attended by Saad Sherida al-Kaabi, CEO of Qatar Petroleum, and Amine Mazouzi, CEO of Sonatrach, Algeria’s national oil company.

Vladimir Putin, Russian president, had earlier expressed support for OPEC’s oil stability deal.