Iranian Minister of Petroleum Bijan Zangeneh says the decisions made the Organization of the Petroleum Exporting Countries (OPEC) are fully implemented in the global oil market.
Speaking to reporters following a meeting with his Iraqi opposite number in Tehran on Sunday, Zangeneh described Iran and Iraq as two influential members of OPEC.
Expressing optimism that the increasing level of crude oil inventories that often put pressure on oil prices in the market would reach a more favorable state provided that OPEC decisions are suitably implemented in the coming months.
"I hope… we will see the trend we envisage for a fair price be stabilized.," he added.
Zangeneh said Tehran-Baghdad ties in OPEC have always been close throughout history especially after Iraqi dictator Saddam Hossein's downfall.
"Given last year's OPEC decisions, the organization has displayed firm determination and strong will to manage the global oil market and its decisions have been suitably implemented in the market," the official added.
Even though the market has experienced minor instability recently because of the unforeseen rise in US crude output as well as increased production by Libya and Nigeria, "we are optimistic that by fully implementing OPEC decisions in the future months, the increasing crude inventories that put pressure on the prices reach a favorable level and we see the trend we envisage for a fair price be stabilized.."
He also said Islamic Republic of Iran and Iraq are two founding members of OPEC and would undoubtedly fulfill their roles in the organizations.