Daily Management Review

Ecuador & Iran In Discussion For Reinforcing Their Oil Rates


08/26/2016


Officials from Iran & Ecuador informs that there will be more discussions on strengthening the price of oil.



Alexandra Valencia reports to Reuters that on Wednesday, 24th of August 2016, Ecuador and Iran engaged themselves in a discussion to come to terms with ways whereby both the countries benefit by strengthening “oil prices”, while Iran has given a signal suggesting that the country would favour the exporters’ attempt in propping up “flagging crude”
 
Following the easing of Western sanctions from the month of January 2016, Iran has boosted output. Moreover, Tehran had previously turned down the option of joining in the attempt conducted “by OPEC plus non-members” like Russia, who sought to “stabilize production” sometimes earlier this year. However, the talks ended in the month of April 2016.
 
Meanwhile, Reuters’ report on Tuesday, coming from the “OPEC and the oil industry” sources, informed that Iran showed “positive” signs for carrying out “joint action”. The same can facilitate the revival of “a deal on freezing output levels at talks next month”. Following the meeting with the President of Ecuador, Rafael Correa, the Foreign Minister of Iran, Mohammad Javad Zarif, said:
"We have held conversations on strengthening our position in oil markets", translated an interpreter.
 
Although, no further details were provided, Zarif only added that both the countries will pick up the “talks within the framework of OPEC”. On the other hand, the Foreign Minister of Ecuador, Minister Guillaume Long, stated that the discussion between both the countries established “a common position with regards to strengthening oil prices”.
 
While, Reuters concluded:
“Ecuador, OPEC's smallest member, has consistently supported calls by ideological ally and oil price hawk Venezuela to boost crude prices. Since the 2014 collapse in oil markets, the group has remained more focused on retaining market share”.
 
 
 
 
 
References:
http://www.reuters.com/







Science & Technology

DNA Sequencing Project Proposed For All Complex Life Forms On Earth By An Int’l Team

Facebook may start production of its own microprocessors

Long-Term Alcohol Monitoring Could Be Possible With A New Injectable Chip Developed By U.S. Researchers

Sweden Now Has The First Electrified Road In The World

Over 270,000 Account Globally Banned From Twitter For Promotion Of Terrorism

Device Capable Of Hearing The Inner Voice Developed By Researchers

New mobile technologies will warn about natural disasters

The brewing industry welcomes blockchain

Asset-Sharing App Of Ryder Is Meant For Commercial Vehicles

Credit Suisse: China will become the leader in AI sphere

World Politics

World & Politics

Debates over Google are heating as a new EU directive is about to be introduced

Will Merkel accept Macron's plans for Europe?

USA and China are pushing North Korea to denuclearization

Germany's dilemma: Will the atomic energy win?

A Forceful Response To Syria Attack Will Be Given By U.S.: Trump

Is Trump’s Maximum Pressure Tactic On North Korea Succeeding Because Of China?

Why are Turkey-EU relations moving back?

Record-Breaking $39 Million raised for Rare Cancer Research in 2018 by Cycle for Survival