Tehran, Caracas Oil Ministers Meet in Tehran

Following the meeting, Martinez said the decision made by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut their output has positively influence the market.

Implementation of the output cut by OPEC and non-OPEC suppliers has positively influenced the prices and producers have so far stayed committed to their promises to cut production. 

Iranian Minister of Petroleum Bijan Zangeneh for his part described the oil market reaction to Organization of the output cut plan of the Petroleum Exporting Countries (OPEC) as desirable, saying the current trend is expected to continue.

“Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances,” said the Iranian official.

Venezuelan oil and foreign ministers arrived in Tehran on Tuesday evening for Tehran-Caracas new oil talks to kick off in two days.