BRUSSELS (Sputnik) — Zarif told European lawmakers in Brussels that there were real opportunities for more stable oil prices.
The crude oil prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015, hitting the lowest levels since 2004 in January 2016, which was below $28 a barrel. Despite recovering slightly recently, the prices have remained below the $35-per-barrel mark.
Earlier in the day, Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze oil production at January levels if other countries followed suit.
In mid-January, the International Atomic Energy Agency (IAEA) verified Tehran’s compliance with the agreement on its nuclear program, which resulted in the removal of anti-Tehran international sanctions. The move makes it possible for Iran to reassume an active role on the global oil market as a cheap oil producer and the country with interest in economic development.