Oil market instability, low prices detrimental to all: Rouhani

President Hassan Rouhani says an unstable oil market and low prices will be detrimental to both oil exporting countries and consumers.

“Instability and the drop in oil prices will not only be detrimental to member countries [of the Organization of the Petroleum Exporting Countries], but will also be inconsistent with the major objective of environment conservation across the world,” President Rouhani said in a meeting with OPEC Secretary General Mohammed Barkindo in Tehran on Tuesday, Press TV reported.

He expressed hope that oil prices would return to a “stable and fair” state through cooperation among OPEC members and their prudence.

“Today, we must all pursue a common goal which is having a balanced market and fair and just shares among OPEC member countries,” the president said.

He also declared Iran’s support for any decision to restore stability to the global oil market.

“The Islamic Republic of Iran will support any move in line with market stability and the improvement of oil prices based on justice, fairness and respecting fair shares for oil producing countries,” President Rouhani pointed out.

The OPEC chief, for his part, commended Iran’s support for the international body’s independence and growth.

Barkindo said oil producing and consuming countries must boost cooperation to settle the existing challenges in the global market, adding that OPEC member states must do their part in solving problems that face the market.

He also hailed Iran’s great achievements in the energy sector and said the country has managed to make great progress and take major steps in various fields of economy, particularly in the oil and gas industry, in a short period after the removal of sanctions against Tehran.

SS