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Iran will cooperate in oil freeze plan only once its pre-sanction oil market share is revived.

Tehran supports any decision for restoring balance on the oil market, however it can cooperate in this regards once it regains its pre-sanction quota, Amir Hossein Zamaninia, Iran’s deputy oil minister said, SHANA news agency reported Sept. 3.

Zamaninia made the remarks after the meeting of Iran’s oil minister Bijan Namdar Zanganeh with Algerian Energy Minister Noureddin Boutarqeh who is on a visit to Tehran.

Zamaninia said that Iran's stance regarding restoration of the Islamic Republic’s pre-sanction market share is fair.

He said that the OPEC production quota should be revived for OPEC to become a decision-making organization once again.

If every producer supplies as much oil as it can produce, balance will not stabilize on the market, Zamaninia added.

Iran has repeatedly urged other OPEC members, with an output exceeding their quota, to decrease production.

OPEC members will meet with producers and consumers on the sidelines of the International Energy Forum (IEF) in Algeria on Sept. 26-28.

Iran's oil minister has confirmed that he will take part in the upcoming meeting, aimed at "common action" to support the global oil prices.

It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.

Iran has been earlier called on by many countries, namely, rival Saudi Arabia, to cooperate with the proposal to hold outputs at the January levels.

Tehran has rejected the idea as an imposition of a new set of sanctions on Iran after the country was freed of economic sanctions in January.

The secretary-general of the OPEC, Mohammed Barkindo, also intends to visit Tehran Sept. 5 to convince Iran to join the oil output freeze plan.

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