“Iran will cooperate with Opec on improving prices and the state of the crude market, but we expect our right to restore our lost market share in the market to be considered”, Zanganeh said.
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“There is the freeze that is official, and there is the freeze that is practical”, al-Falih told Bloomberg.
Brent crude futures rose 66 cents to $49.71 a barrel, after settling down 1.8 percent on Wednesday.
Sal Umek, senior analyst at the Energy Management Institute in NY, said he did not see much effect on the market from the Saudi Arabia reports.
A previous Opec attempt to freeze output collapsed in April largely because of Iran’s refusal to join talks.
Oil rallied with few stops from early August until mid last week after hints by Saudi Arabia and fellow members of the Organization of the Petroleum Exporting Countries that they may agree to an output freeze with non-OPEC oil producers at a meeting in Algeria on September 26-28. “Iran will expand production as much as it can”.
There is speculation that OPEC and other producers led by Russian Federation will agree to output curbs at the meeting. “Although these net export earnings include Iran’s revenues, the net export revenue is not adjusted for possible price discounts that Iran may have offered its customers between late 2011 and January 2016, when nuclear-related sanctions targeting Iran’s oil sales were in place”, the EIA said in market update.
“Based on newly released statistics of the IMF, Iran was the least to suffer from the fall in oil prices and that means that Iran has lowered its vulnerability of overseas shocks in the economic domain”, he was quoted by the Oil Ministry’s news website SHANA as saying. Iran should be let to recoup its share of global sales, he said.
LOS ANGELES Aug 25 Saudi Arabian Energy Minister Khalid Al-Falih tempered expectations that the world’s major oil producers would look to freeze production next month, telling Reuters on Thursday that the “market is moving in the right direction” already.
Oil prices touched the day’s highs after reports of Yemeni missiles hitting Saudi Arabia’s facilities, traders said.
Exports in July averaged 3.202m bpd.
“Iraq is seeking to play an active role in order to support oil prices while preserving a share that is proportionate to its reserves”, Mr Luaibi said.
Tehran insists it will be ready for joint action only once it regains pre-sanctions output of 4 million barrels per day (bpd). Top exporter Saudi Arabia has kept output at around record levels this month.
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“I don t believe that an intervention of significance is required”.
