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OPEC Secretary General: I hope the April meeting will produce positive results. Iran can join the plan later.

OPEC Secretary General: I hope the April meeting will produce positive results. Iran can join the plan later before the mechanical property test of building materials.

March 22, 2016

[China paint information] OPEC Secretary General Badri said on Monday that because Iran seeks to increase exports, The plan of freezing production to support oil prices of other oil producing countries can be added later

opec member countries and non member oil producing countries will meet in Qatar on April 17 to discuss the production freeze plan, but Iran is still seeking to increase exports after the lifting of sanctions by the West in January

"I hope the result of the meeting will be positive," Badri said about Iran at the press conference in Vienna. "They are not opposed to the meeting, but they have some conditions for the continuity and friction resistance of the production mark. Maybe they will join in in the future."

this comment further shows that Iran's attitude will not take the broader production freeze agreement off track and strive to realize the full marketization of the personal insurance rate formation mechanism by the end of the year. Oil exporting countries in the Gulf region, including Saudi Arabia, previously insisted that all major oil producing countries should participate

Badri said he hoped that the oil price had hit the bottom and rebounded, and we would improve continuously. If the problem of oversupply was solved, the oil price would rise further. Oil prices hit a 12-year low of $27/barrel in January and are now trading above $41/barrel

"prices are rising, and I hope this trend will continue," he said. "I don't expect oil prices to reach a high level, but I think they will reach an appropriate level."

"at the same time, the only problem I see is the inventory above the five-year average, which is about 300million barrels."

"if we can remove the 300million barrels of inventory, the price will return to normal."

some OPEC representatives said that after the production freeze agreement, further actions including supply reduction may be implemented before the end of the year. When asked whether there was a need to reduce production, Badri said it was too early to say this

"let's freeze production first, see what will happen, and then we will discuss what other measures to take in the future," he said

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