Russia not to Joint OPEC

Source: 1/4/2015, Location: Asia

Iran’s Petroleum Minister Bijan Namdar Zanganeh ruled out the possibility of Moscow’s membership in OPEC.

“Russia will not join the Organization of the Petroleum Exporting Countries (OPEC),” said Zanganeh on the sidelines of a national conference on economy here in Tehran on Sunday morning.

He said Iran will stick to its oil policies despite the global oil price slump.

“Reducing the price of oil is up to others. Iran is only interested in increased prices,” said the minister.

“What is important is that Iran firmly maintains its stance with regards to sliding oil prices”, he said, adding, “No matter how much the prices decrease, Iran strongly keeps its stance in this regard.”

He suggested that OPEC and non-OPEC suppliers should be brought together as a method for tackling the downward trend of the prices.

“So long as the market is uncontrolled and suffers from intensions, nothing serious can be done about the prices,” he said.

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