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Tehran, Algiers Seeking Closer Energy Relations

Tehran, Algiers Seeking Closer Energy RelationsTehran, Algiers Seeking Closer Energy Relations

Iran and Algeria can expand cooperation in the oil, gas and energy sectors beyond their relations at the Organization of Petroleum Exporting Countries.

Oil Minister Bijan Namdar Zanganeh made the statement in a meeting with Noureddine Boutarfa, Algeria's minister of energy and mines, in Tehran on Saturday, Shana reported.

"Tehran and Algiers have always maintained a firm and strategic relationship as members of OPEC," Zanganeh said.

“In addition to OPEC-related cooperation, the two countries can also launch bilateral collaboration in oil, gas and energy sectors.” Boutarfa also underlined the two countries' traditionally close relations.

On September 26-28, representatives of 73 member states of the International Energy Forum are set to meet in the Algerian capital to discuss oil-related issues.

OPEC members are expected to hold informal consultations on the sidelines of the IEF summit.

Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid declining output in Nigeria and Venezuela and growing demand in May, peaking at over $50 per barrel in early June.

If OPEC fails to strike a deal in Algeria, the group is expected to explore other measures to support oil prices during its policy meeting in Vienna on November 30.

Financialtribune.com