As a founding member of OPEC, Iran has been holding talks with countries such as Iraq, Venezuela, and Ecuador.
The Iranian Oil Minister Bijan Namdar Zanganeh delivered President Hassan Rouhani’s letter to the Qatari Emir Sheikh Hamad bin Khalifa Al Thani which addresses enhancement in cooperation especially in the sphere of energy.
Besides private meetings with Iraq and Qatar as two influential OPEC members, Iran has conducted correspondence with the oil ministers of Ecuador and Venezuela.
In the past 6 months oil has plummeted down in price, reaching 80 to 84 dollars per barrel when in used to be 110 at the beginning of the period.
The price reduction has not made Saudi Arabia, UAE, or Kuwait respond in any kind, but Iran, Velezuela, Iraq, Libya, and Ecuador have voiced concern over OPEC’s passive mode.
After the Venezuelan president demanded an emergency OPEC session to address the issue, the Ecuadorian president also announced that his country, along with Venezuela, will pressure OPEC to reduce its production volume in order to prevent further price lowering.
Prior to that, the Iranian president had called for active diplomacy among OPEC members to manage the oil price in global markets.
As the leader of the biggest oil producing country, Russian President Vladimir Putin had also warned against a free fall in oil prices and its impact on global economy.