TEHRAN (FNA)- Iranian Oil Minister Bijan Namdar Zanganeh called on the Organization of Petroleum Exporting Countries (OPEC) to make joint efforts to keep oil prices from falling further.


“Given the (ongoing) downward trend of the oil prices, the OPEC members should make efforts to offset their production to keep the prices from further instability,” Zanganeh said, the oil ministry's website reported.

OPEC is an international organization and economic cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to collude in influencing world oil prices through economic means.

OPEC is an intergovernmental organization that was created at the Baghdad Conference on 10–14 September 1960, by Iraq, Kuwait, Iran, Saudi Arabia and Venezuela. Later it was joined by nine more governments: Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, on September 1, 1965.

By Fars News Agency

 

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