Iran Says Mexico to Help If OPEC Tr

Iran Says Mexico to Help If OPEC Tries to Manage Oil Market
Hashem Kalantari Bruce Stanley
September 8, 2015 — 6:13 PM WIB
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Mexico is willing to work with OPEC if the group tries to stabilize crude markets amid a global supply glut and slide in prices, Iran’s Oil Minister Bijan Namdar Zanganeh said after talks with Mexico’s labor secretary.
Mexico is the third-largest producer in the Western Hemisphere, according to BP Plc data. The Latin American nation isn’t a member of the Organization of Petroleum Exporting Countries, though it has cooperated with OPEC before by cutting output in efforts to buttress prices. The group supplies about 40 percent of the world’s oil.
“They expressed readiness to cooperate with OPEC should OPEC decide to enter market management,” Zanganeh said Tuesday after talks in the Iranian capital with Alfonso Navarrete Prida, according to state TV. Zanganeh didn’t elaborate on possible steps the producer group might take to manage the market.

Brent crude, a global benchmark, has dropped more than 50 percent in the last year and was at $48.62 a barrel in London at 11:08 a.m. local time. Venezuelan President Nicolas Maduro proposed that OPEC’s 12 members hold an extraordinary summit to halt the slide in prices and invite non-OPEC producers such as Russia to participate. Russia won’t work with the group to reduce global supplies even after prices dropped to their lowest since 2009, the Financial Times reported on Monday, citing OAO Rosneft Chief Executive Officer Igor Sechin.
In 1998, Mexico and OPEC members Venezuela and Saudi Arabia organized an output cut by 17 producing countries, including Norway and Russia. Mexico, which remains the third-largest supplier of crude to the U.S., reduced exports by 200,000 barrels a day and played a key role in persuading participants to stick to the cuts to help lift prices that dropped as low as $10.72 a barrel. OPEC and Mexico began easing the cuts in 2000.

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Iran Says Meksiko to Help If OPEC tries to Manage Oil Market Hashem Kalantari Bruce Stanley September 8, 2015 - 6:13 PM WIB Share on FacebookShare on Twitter Meksiko is willing to work with OPEC if the group tries to stabilize crude markets amid a global supply glut and slide in prices, Iran s Oil Minister Bijan Namdar Zanganeh said after talks with Meksiko s labor secretary. Meksiko is the third-largest producer in the Western Hemisphere, menurut BP Plc data. The Latin American nation is not a member of the Organization of Petroleum Exporting Countries, though it has cooperated with OPEC before by cutting output in efforts to buttress prices. The group supplies about 40 percent of the world s oil. "They expressed readiness to cooperate with OPEC should OPEC decide to enter market management," Zanganeh said Tuesday after talks in the Iranian capital with Alfonso Navarrete Prida, according to state TV. Zanganeh did not elaborate on possible steps the producer group might take to manage the market. Brent crude, a global benchmark, has dropped more than 50 percent in the last year and was at $ 48.62 a barrel di London at 11:08 am local time . Venezuelan President Nicolas Maduro proposed that OPEC s 12 members hold an extraordinary summit to halt the slide in prices and invite non-OPEC producers seperti Rusia to participate. Rusia will not work with the group to reduce global supplies even after prices dropped to their lowest since 2009, the Financial Times melaporkan on Monday, citing OAO Rosneft Chief Executive Officer Igor Séchin. In 1998, Meksiko and OPEC members Venezuela and Saudi Arabia organized an output cut by 17 producing countries, termasuk Norwegia dan Rusia. Meksiko, which remains the third-largest supplier of crude to the US, reduced exports by 200.000 barrels a day and played a key role in persuading participants to stick to the cuts to help lift prices that dropped as low as $ 10.72 a barrel. OPEC and Meksiko began easing the cuts in 2000.