Zangeneh: We are open to negotiations with OPEC members including Saudi Arabia

On February 9, Iran's oil minister stated that Iran is ready to negotiate with any OPEC member, including Saudi Arabia, regarding the current conditions in the global oil market. Both Iran and Saudi Arabia are members of the Organization of the Petroleum Exporting Countries (OPEC). Currently, oil prices have reached their lowest levels in recent years, attributed to the failure of OPEC members to agree on production cuts. Meanwhile, relations between Tehran and Riyadh have faced a new wave of severe tensions, stemming from regional issues, following the execution of a prominent Shia cleric in Saudi Arabia and attacks on Saudi diplomatic missions in Tehran, which led to the severance of relations between Riyadh and Iran. A month prior to Bijan Namdar Zangeneh's recent remarks about Tehran's readiness to negotiate with Saudi Arabia over oil issues, a reputable international energy consulting firm indicated that escalating tensions between Iran and Saudi Arabia would further decrease global oil prices. On Tuesday, reporters asked Iran's oil minister whether the decline in OPEC oil prices is a 'managed affair.' Mr. Zangeneh responded that he cannot assert this with certainty; 'Some say this is apparently for economic reasons, but others believe that some countries are lowering oil prices... In this regard, a credible article has been written that states a country has lowered oil prices to harm Iran.' Zangeneh further added, 'Countries that are lowering it are suffering more than us, as we are used to hardship and deprivation.' According to the Iranian oil minister, 'If there is political will,' oil prices could be corrected within a month. The low oil prices this year have resulted in a budget deficit of $98 billion for Saudi Arabia. Some analysts have told Radio Farda that this budget deficit could lead to internal problems for countries like Saudi Arabia. This situation has recently raised the possibility that officials in Riyadh may agree to the requests of countries like Iran for production cuts and increased oil prices. Recently, Ali Al-Naimi, the Saudi oil minister, discussed stabilizing the oil market with his Venezuelan counterpart. Reuters, citing a source within OPEC, reported that the issue of oil production cuts was not raised in negotiations between the two sides: 'The issue does not relate to Venezuela. It goes back to Iran.' The news agency also reported that there are currently no signs of Saudi willingness to reduce production in the statements and actions of Saudi officials. Additionally, Fereydoun Khavand, an analyst at Radio Farda, believes that the collapse of oil prices is due to the abundance of this commodity in the market, without OPEC being able to influence this process as it did in the past by reducing supply. The Oil and Energy Information Network, Shana, reported last week that six oil producers, including Iran, Iraq, Russia, and Oman, have requested a meeting among oil exporters. Nevertheless, Saudi Arabia has not yet officially supported such a meeting.