OPEC, Non-Cartel Oil Producers Should Agree to Stabilize Market - Lawmaker

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OPEC members and non-cartel producers should reach an agreement to stabilize the oil market.

Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
Oil Output Freeze Unlikely Amid OPEC Race for Market Share
MOSCOW (Sputnik) — Both Organization of the Petroleum Exporting Countries (OPEC) members and non-cartel producers should reach an agreement on stabilizing the oil market, Speaker of the Iranian Parliament Ali Larijani said Wednesday.

"The issues related to the fall of oil [prices] are intriguing and you know, who is behind them. Both the OPEC member states, and the OPEC non-member states should make a relevant decision to balance these issues," Larijani said at a press-conference in Moscow.

On Sunday, major oil-producing countries, including both members of OPEC and states outside the organization, failed to reach an agreement in the Qatari capital of Doha to maintain output at current levels. Riyadh cited Tehran’s absence from the talks as reason for not supporting an output freeze.

Oil prices declined from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003. In recent weeks, prices have hovered around $40 a barrel.

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