Iran predicts no sensible change in oil price by March

Iranian Oil Minister Bijan Namdar Zanganeh said he did not expect any major change in oil prices until the end of the Iranian calendar year (March 20, 2014). The Iranian minister said that he believes oil prices would not change too much over the course of current year. Referring to Iran as one of the co-founders of the Organization of Petroleum Exporting Countries (OPEC), Zanganeh said the country can propose reduction of oil production as a way to deal with any possible instability in oil market. The Iranian minister pointed out that OPEC member states have already predicted that the Organization would face no serious challenge in 2014. Referring to a possible increase in production of Iran's crude oil due to the removal of sanctions against the country, Zanganeh urged OPEC to support those member countries which are determined to stand at their previous positions. OPEC was founded in Baghdad in September 1960 with the signing of an agreement by five countries of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They were to become the founding members of the organization. These countries were later joined by Qatar, Indonesia, Libya, the United Arab Emirates (UAE), Algeria, Nigeria, Ecuador, Gabon, and Angola. From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.