The Forum for Partners in Iran's Marketplace

January 2017, No. 82

Trade & Business

Venezuela’s Maduro Visits Iran,
Calls for Oil Price Cooperation

Iran’s Supreme Leader implied that the falling price of oil was “an instrument” imposed by the United States to “put pressure on independent countries.”

Venezuelan President Nicolas Maduro called (Oct. 22) for increased cooperation between oil-rich nations to stabilize prices as he met with the Supreme Leader and President of Iran.

To stabilize the price of oil, new mechanisms should be taken and consultation among oil-producing countries, be they members or non-members of the OPEC, should increase,” Maduro said.

Venezuela’s economic and political crisis has been compounded by the collapsing price of oil, and Maduro hopes that other oil-rich countries will agree to cap production in order to boost global prices.

Iran’s Supreme Leader Ayatollah Ali Khamenei implied that the falling price of oil was “an instrument” imposed by the United States to “put pressure on independent countries.”

“We can adopt a rational policy and reinforce our cooperation to prevent these plots and this hostile policy,” Ayatollah Khamenei said.

Maduro also received support from Rouhani, who said: “Iran backs any effort bringing stability, fair price and members’ fair share to the oil market.”

The Venezuelan leader arrived in Tehran following a meeting earlier (October 22) with Azerbaijan’s President Ilham Aliyev, during which Maduro reportedly said that a deal was close between OPEC and non-OPEC nations.

OPEC members agreed to limit production for the first time since 2008 at an informal meeting in Algiers in September.

They are due to formalize the deal when they meet on November 30, amid doubts from market analysts over whether it can be effectively implemented.

Ayatollah Khamenei added: “In the past when some Muslim countries moved to counter the Zionist regime (of Israel) by halting the oil [supply], Westerners made hue and cry under the pretext of the political use of oil, but unfortunately the same countries, together with some members of OPEC (Organization of the Petroleum Exporting Countries) and some states in our region which themselves are suffering from such policies, are now using oil as a weapon in full coordination with the US policies,” the Leader stated. 

Iran Backs Efforts for Stability in Oil Market: President Rouhani meanwhile said in a meeting with Maduro that Iran backs any effort aimed at bringing stability, fair prices and producers’ fair share to the oil market.

He stressed the necessity of coordination and technical cooperation among OPEC and non-OPEC countries to achieve this end.

Elsewhere, Rouhani touched upon the special status of Latin America, including Venezuela, in Iran’s foreign policy, adding “development of ties with Latin American countries, including Venezuela, has always been a matter of great importance to us and, fortunately, our bilateral cooperation has been on an increasing trend in recent years.”

He further maintained that the Venezuelan government is determined to implement agreements made between the two countries in various fields of economy, politics, and culture, and stressed that he would welcome consultations between the two countries’ ministers for expediting the process of cooperation.  

Give U.S. a Seat at OPEC: Maduro wants to invite the U.S. to OPEC’s next meeting, saying the world’s biggest crude producer should be in talks to stabilize global crude prices.

Maduro, whose country holds the globe’s biggest oil reserves, said on Venezuelan state television (Oct. 21) that he’s pushing for an “alliance” of OPEC and non-OPEC members, including the U.S. and “the most important oil companies in the world.”

In talks with other nations, “they proposed inviting the government of the U.S. to the next OPEC meeting, and I agreed with that, because they are a big producer and they can’t be isolated from this and be lured by analysts, warmongers, or anti-Russia sectors,” Maduro said on the program.

The statement came during a visit to Azerbaijan, Maduro’s first stop on a world tour of oil-producing countries to raise support for a deal to boost prices by cutting output.


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  January 2017
No. 82