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By Parisa Hafezi
ANKARA Dec 8 Iran's President Hassan Rouhani
said on Thursday that members of the Organization of the
Petroleum Exporting Countries (OPEC) should work together to
secure implementation of a deal reached last month aimed at
stabilizing the oil market, Iran's state TV reported.
Oil rebounded from the week's lows and hovered above $50 a
barrel on Thursday ahead of a meeting on Saturday in Vienna
between OPEC and non-OPEC producers that may result in an
agreement to cut crude output further.
Rouhani said Tehran backed measures aimed at stabilising the
market that could led to an oil price increase.
"Close cooperation among OPEC and non-OPEC countries is key
to stabilizing the oil prices and their increase," Rouhani said
in a telephone conversation with Venezuela's President Nicolas
Maduro, according to Iran's state TV.
"It will pave the way for implementation of deals reached
during meetings in Algiers and Vienna this year."
OPEC agreed last month in Vienna to reduce output by around
1.2 million bpd from January 2017, a move that bolstered crude
Iran was exempted from the cut, being allowed to boost
production slightly from its October level - a victory for
Tehran, which has long argued it needs to regain market share
lost under Western sanctions.
The sanctions were lifted in January under a nuclear deal
reached in 2015 with six major powers aimed at curbing the
country's nuclear programme.
Oil producers in Vienna will see whether those outside OPEC
will cut production to reduce a global supply glut that has
pressured prices for more than two years.
Non-OPEC countries are expected to contribute a reduction of
600,000 bpd as part of the wider agreement. Non-OPEC Russia has
signaled it was ready to cut production by 300,000 bpd.
Venezuela's oil minister said on Wednesday OPEC was aiming
for a moderate but not too high oil price.
"Oil brokers should not be allowed by OPEC to determine the
crude prices ... Iran and Venezuela's cooperation can help
bringing crude prices to a real and fair level," Maduro said,
according to state TV.
(Writing by Parisa Hafezi; Editing by Alexandra Hudson)