Iran’s President Hopes for Restoration of Balance to Oil Market

Iran’s President Hopes for Restoration of Balance to Oil Market

TEHRAN (Tasnim) – Iranian President Hassan Rouhani expressed the hope that concerted action by the oil producers would help restore balance to the global market in the wake of the decline in oil prices.

“Today's oil price is to the detriment of producers and the global market stability, and we hope that concerted efforts by the oil exporters to bring balance back to the oil market would continue,” Rouhani said in a meeting with Venezuelan Foreign Minister Delcy Rodriguez in Tehran on Monday.

He also hoped that Venezuela’s efforts to provide balance in the global oil market would yield results.

President Rouhani also voiced Iran’s determination to enhance friendly ties with Venezuela in all fields.

For her part, Rodriguez hailed Iran as a “strategic friend and partner”, and stressed the need for strengthening of Tehran-Caracas relations.

As two major countries that oppose the US imperialism, Iran and Venezuela enjoy high level of diplomatic ties as strategic allies.

Trade between Venezuela and Iran have grown steadily during the recent years and the two countries have launched joint ventures in a number of sectors, including energy, agriculture, housing, and infrastructure.

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