Dubai: Iran’s President Hassan Rouhani said Tehran supports any move to stabilise the global oil market and lift prices, the Iranian oil ministry news agency SHANA quoted him as saying on Sunday. “Instability and falling oil prices are harmful to all countries, especially oil producers,” Rouhani was quoted as saying by SHANA. Iran, OPEC’s third-largest producer, has been boosting its oil output after the lifting of Western sanctions in January. OPEC will probably revive talks on freezing oil production levels when it meets non-OPEC nations in Algeria, officials have told Reuters. Saudi Arabia and Russia agreed this month to cooperate in oil markets, saying they could limit future output.

Source: Mint September 18, 2016 08:26 UTC