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EghtesadOnline: Minister of Petroleum Bijan Zangeneh said on Monday that current situation of oil market is detrimental to both producers and consumers in medium and long term and that the Algerian meeting will be consultative.

He made the remarks prior to departing for Algeria to attend the 15th International Energy Forum (IEF).

Zangeneh said that the consultative meeting account for preparatory for the normal meeting of OPEC to be held in November, according to IRNA.

He said that if major non-OPEC oil producers attend the meeting the matter of market stability will be raised with them.

He said that representatives from big oil producers and the consumer nations as well as senior officials of big oil companies will take part in IEF creating a good opportunity for consultation to stabilize oil market.

In post-sanctions era, Iran needs three basic factors of market, capital and technology, so participation in IEF, will create an opportunity to hold negotiations with the consumer states or big oil companies with technology.

The minister added that stabilization of oil market is one of important issues to be discussed in IEF and Iran will support any plan to help stabilize world crude oil market.

The 3-day Forum kicks off tomorrow on September 27 with anticipation of oil output cuts by the OPEC and non-OPEC oil producers.

Opec Bijan Zangeneh oil market