OREANDA-NEWS.  Iran's oil minister Bijan Namdar Zanganeh today reiterated his support for any decision from producers that would return stability to the oil market, but he stopped short of saying Iran would participate in a potential production freeze. He said the appropriate crude price would be $50-60/bl, and identified $55/bl as "suitable".

Zanganeh was speaking after a meeting with Opec secretary general Mohammad Barkindo in Tehran today — the latest in a string of meetings Barkindo has held with Opec ministers. The shuttle diplomacy by Barkindo comes ahead of an informal Opec meeting on the sidelines of the International Energy Forum summit in Algiers over 26-28 September, where some have pinned their hopes that oil producers will come to an agreement on how to stabilise the oil market.

Barkindo met with Qatar's oil minister Mohammad al-Sada and Algeria's energy minister Noureddine Bouterfa yesterday in Vienna, where he said a previously failed effort to create an inclusive production freeze among Opec and major non-Opec oil producers, such as Russia, had at least provided "a platform upon which a credible framework can be further developed to restore oil market stability."

The same group of producers met in Doha in April, but was unable to reach terms of compromise. Opec production has since risen to record levels, hitting 33.48mn b/d in August according to Argus calculations.

Iran's stated objective of regaining its pre-sanction market share of 4mn b/d proved to be a sticking point in previous talks among producers, with Opec's largest producer Saudi Arabia insisting Iran should participate in a freeze. Iran says its current output is 3.8mn and is capable of reaching 4mn within a couple of months.

Algeria's Bouterfa also met with Iran's Zanganeh earlier this week, a meeting followed by a statement that reaffirmed Iran's position on regaining market share.