Oil minister: Iran backs OPEC moves geared toward stability


"Barkindo arrived in Tehran on Monday night", SHANA, the ministry's information service, said.

Hit by global oversupply, oil prices collapsed to as low as $27 per barrel earlier this year from as high as $115 in mid-2014, but have since recovered to around $47. "We support oil prices between $50 and $60 per barrel", Zanganeh said. Tehran says it has doubled its exports of oil and gas to 2.7 million barrels per day (bpd) since signing a nuclear deal with world powers that ended sanctions in July a year ago.

Targeting a price of $55 per barrel was reasonable, Zanganeh was quoted as saying.

Russian Federation is not a member of OPEC, but it could send a representative to the meeting in Algeria later this month. It has said it will participate in talks on a possible production freeze after it reaches an output of 4 million barrels per day by April 2017. He added, "Iran and France have many capabilitieand capacities that can be used in line with expansion of cooperation between the two countries and benefits of the two nations".

Its total production has risen from 2.7 million bpd to 3.85 million bpd, close to the level before worldwide sanctions were imposed in 2012.

The latest positive comments came from Iran on Tuesday.

Russia's President Vladimir Putin earlier said that oil producers recognize that Iran deserves to complete its return to world markets, and it would be unfair to leave it on the sanctioned level.

The Iranian president further urged Tehran and Paris to fully and swiftly implement agreements reached between the two sides during his visit to France in January following the implementation of a nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), between Iran and the P5+1 group of countries.

A source familiar with Gulf thinking said if no compromise with Iranwere found before the meeting in Algeria, there would be time to secure one ahead of OPEC's regular gathering in November in Vienna.