Oil ventures planned with Venezuela

Iranian and Venezuelan Oil Ministers in a meeting agreed to set up a technical committee to study joint ventures in the petroleum industry.

Bijan Namdar Zanganeh and Rafael Ramirez also concurred that it was too early to talk about any production cuts within the Organization of Petroleum Exporting Countries (OPEC). “It is still early to address the issue of OPEC oil output cut,” Zanganeh and Ramirez said.

The ministers called on OPEC members to maintain their production quota. They approved the formation of an energy committee to identify grounds for oil resources development projects in the future.

At the meeting, the two ministers reviewed the latest developments in the oil market as well as bilateral cooperation within the framework of the organization. Citing depreciation of the US dollar against other currencies, Zanganeh and Ramirez said they agreed with the OPEC price range of between $22 and $28 per barrel.

“The current prices are at an acceptable level and we are worried about overproduction. It is too early too talk about cuts in production,” they said.

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