Their countries “recognized the need to restrain an excessive volatility of the oil market” and agreed to act together “in order to stabilize the oil market”, they said in the statement.
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“Iran supports any decision by oil producers to return stability to oil markets”.
Zanganeh, speaking after a meeting with OPEC secretary-general Mohammed Barkindo in Tehran, added that $55 per barrel “brings desired, economic and beneficial oil production revenue for OPEC members, while their competitors won’t be able to increase production”.
The agreement was highly welcomed by oil-producing countries.
Saudi Arabia’s Foreign Minister Adel al-Jubeir said on Tuesday it would go along with a freeze in oil output if other producers agreed one but cautioned that Iran, which is aiming to raise output to pre-sanction levels, could foil any attempt to limit output.
Russian energy minister Alexander Novak said it was willing to join a freeze in oil output as he hailed a “historical moment” for the industry.
Brent North Sea crude for November fell 73 cents to $46.90 a barrel compared with the previous day’s closing level.
Venezuela, Ecuador and Kuwait initiated a new round of talks on capping oil production after similar talks failed in April.
Iran has been trying to regain market share after the United States and other nations lifted nuclear-related sanctions.
Putin said in an interview last week in Vladivostok that other producing countries now recognize Iran should be allowed to continue raising output since it was freed just months ago from worldwide sanctions.
Depending on market conditions, the Islamic Republic was ready to raise its oil output to 4.0m barrels per day over the next two to three months, Seyed Mohsen Ghamsari, the director for global affairs at the National Iranian Oil Company, said at the Argus Crude Forum, according to Reuters.
Oil prices gained 3% early Monday but a lack of detail in the announcement saw the rally fade later in the day.
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Any deal between OPEC and non-OPEC producer Russian Federation would be the first in 15 years since Moscow agreed to cut output in tandem with the cartel at the turn of the millennium, although Russian Federation never followed through on that promise.
