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DUBAI, Aug 17 (Reuters) - OPEC has managed to raise crude
prices and stabilise the oil market, OPEC member Iran's oil
minister was quoted on Monday as saying by his ministry's
website SHANA.
"OPEC's performance has been successful because the price of
oil has risen from $16 in May to around $45 and has stabilised,"
Bijan Zanganeh said.
The Organization of the Petroleum Exporting Countries and
allies including Russia, a group known as OPEC+, agreed record
output cuts to tackle the fallout from the COVID-19 pandemic.
Zanganeh said Iran's oil industry has signed 13 contracts
worth roughly 1.5 billion euros with 14 local firms to enhance
and maintain the country's oil production.
In 2018, U.S. President Donald Trump pulled the United
States out of Iran's 2015 nuclear deal with six powers and
reimposed sanctions that have sharply cut Iran's oil exports.
"We welcome the participation of all foreign companies in
the development of oil industry projects except companies from
Israel, but we will continue our work even without their
participation in our projects," Zanganeh said.
Fearing U.S. penalties, foreign companies have stayed away
from investing in Iran. Tehran does not recognise Israel.
(Writing by Parisa Hafezi; editing by Hugh Lawson and Jason
Neely)