Iran seeks oil market stability

Iran's Oil Minister Bijan Namdar Zanganeh said that Iran and Saudi Arabia share common stances on the need for stability in the oil market. Zanganeh said at the end of his meeting with Saudi Oil Minister that global economic recession and falling oil prices prompt OPEC members to have constant consultations.

Asked about OPEC's measures to prevent falling demand and oil price, Zanganeh said decline in demand is linked to the growth in global economy but there should be cooperation among all producers to stabilize oil price, IRNA reports.

Zanganeh said oil producers and consumers should have close views to pass the ongoing critical conditions and reach a stable status that would favor both sides.

He said under sensitive conditions at present non-OPEC producers should consent to cooperation with the OPEC members. In case of constant contacts with non-OPEC countries, OPEC can ensure a suitable price.