Iran close with Venezuela on oil price

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WIRE:03/19/2000 07:22:00 ET Iran says is very close with Venezuela on oil price

TEHRAN, March 19 (Reuters) - Iranian Oil Minister Bijan Zangeneh said on Sunday his country and Venezuela had "very close" positions on OPEC attempts to stablise the world oil market. Zangeneh said on state television he held "very good" talks on the issue with Venezuelan Energy and Mines Minister Ali Rodriguez in Iran on Saturday.

"Talks were very good for necessary coordinations before the next meeting" of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna on March 27, Zangeneh said.

"Fortunately, our positions are very close on general issues and analysis of the current market and ways to protect interests of producers and consumers and stability of oil prices."

He did not say where in Iran the meeting took place, but Iranian sources had earlier said it was held in Kish, a tourist island in the Gulf where many Iranian officials are spending their new year holiday.

Both Iran and Venezuela had withheld information on the talks until now.

Rodriguez is on a tour of five OPEC states before the key meeting of the cartel, which is widely expected to decide how much and when to increase production in order to curb high prices.

He was due to travel to Iraq on Sunday and hold talks in Kuwait on Monday. He goes to Algeria on Tuesday and makes a final stop in Libya on Wednesday.

Iran has opposed an output increase but recently softened its position, saying OPEC's strategy should be to gradually release small volumes of extra oil after an agreement on deep production cuts expires on March 31.

OPEC and other producers are under intense pressure from the United States, the world's biggest oil consumer, to release extra supplies.

U.S. President Bill Clinton said on Friday he had spoken to King Fahd of OPEC giant Saudi Arabia about the need for OPEC to increase output substantially in order to reduce the price of crude which has trebled in the past year.

Clinton is facing growing political pressure from Congress over the highest gasoline prices in nearly a decade. Energy Secretary Bill Richardson is due to travel to OPEC members Nigeria, Indonesia and Algeria to urge them to increase production. He would also speak with ministers of other OPEC states.

http://abcnews.go.com/wire/World/reuters20000319_389.html

-- Martin Thompson (mthom1927@aol.com), March 19, 2000


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