Iran backs moves to stabilise oil market, raise prices

Iran's Oil Minister Bijan Zanganeh said Wednesday his country supported steps taken by other major producers that could stabilise the market and lead to price hikes for crude.

"We look forward to the beginning of cooperation between OPEC and non-OPEC countries and we support any measure that can stabilise the market and increase prices," Zanganeh was quoted as saying by the ministry's news service, Shana.

His comments came after a meeting with his Iraqi, Venezuelan and Qatari counterparts a day after Saudi Arabia and Russia agreed to freeze output after months of low prices caused by a global supply glut.