Iran, Venezuela Urge Coordination on Oil Market Balance

TEHRAN (Tasnim) – Officials from Iran and Venezuela, two major crude exporters, emphasized the necessity for closer coordination among oil producers to secure balance in the global market.

Iran, Venezuela Urge Coordination on Oil Market Balance

In a Sunday meeting in Tehran, Iranian President's Chief of Staff Mohammad Nahavandian and Venezuela’s minister of economy, finance and public banks, Rodolfo Marco Torres, discussed the ways for the expansion of Tehran-Caracas relations.

Given Iran and Venezuela’s huge oil resources, the Iranian official underlined that oil-dependent economies need to make “reduction of reliance on oil incomes” a priority.

Nahavandian also stressed the need for close coordination among the crude producers and exporters to restore stability in the global oil market.

Torres, for his part, called for collective efforts for creating balance in the oil market.

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

They are also members of the Organization of the Petroleum Exporting Countries (OPEC).

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