18 Jul 2024
Monday 17 August 2020 - 14:13
Story Code : 381868

Iran says OPEC has raised and stabilised crude oil price -SHANA

Reuters - OPEC has managed to raise crude prices and stabilise the oil market, OPEC member Irans oil minister was quoted on Monday as saying by his ministrys website SHANA.

OPECs performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilised, Bijan Zanganeh said.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, agreed record output cuts to tackle the fallout from the COVID-19 pandemic.

Zanganeh said Irans oil industry has signed 13 contracts worth roughly 1.5 billion euros with 14 local firms to enhance and maintain the countrys oil production.

In 2018, U.S. President Donald Trump pulled the United States out of Irans 2015 nuclear deal with six powers and reimposed sanctions that have sharply cut Irans oil exports.

We welcome the participation of all foreign companies in the development of oil industry projects except companies from Israel, but we will continue our work even without their participation in our projects, Zanganeh said.

Fearing U.S. penalties, foreign companies have stayed away from investing in Iran. Tehran does not recognise Israel.

Writing by Parisa Hafezi; editing by Hugh Lawson and Jason Neely
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