Tehran, Algiers Seeking Closer Energy Relations.
Oil Minister Bijan Namdar Zanganeh made the statement in a meeting with Noureddine Boutarfa, Algeria's minister of energy and mines, in Tehran on Saturday, Shana reported.
"Tehran and Algiers have always maintained a firm and strategic relationship as members of OPEC," Zanganeh said.
“In addition to OPEC-related cooperation, the two countries can also launch bilateral collaboration in oil, gas and energy sectors.” Boutarfa also underlined the two countries' traditionally close relations.
On September 26-28, representatives of 73 member states of the International Energy Forum are set to meet in the Algerian capital to discuss oil-related issues.
OPEC members are expected to hold informal consultations on the sidelines of the IEF summit.
Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid declining output in Nigeria and Venezuela and growing demand in May, peaking at over $50 per barrel in early June.
If OPEC fails to strike a deal in Algeria, the group is expected to explore other measures to support oil prices during its policy meeting in Vienna on November 30.