He said Algeria talks are highly valuable for proximity of stances of all the countries.

He added that Iran has always concentrated its efforts on alliance with the OPEC members in a bid to reach agreement on management of supply in the market.

"Agreement between all the OPEC members and certain non-OPEC states will result in overcoming problems."

The Minister said growing demand and lowering of oil reserves in the market in the past three months of the current Christian year and the first three months of 2017 will prepare the ground to appreciation of prices in the market. 

He said Iran, Algeria and Venezuela share common stances and support each other in basic OPEC affairs. "Unfortunately, since November 2014 we have suffered great losses as a result of wrong policies of certain members."

He thanked Algeria for its hospitality in the 15th International Energy Forum (IEF) and also the OPEC consultative session. 

The 15th IEF started in Algeria on Tuesday and wrapped up its work on Wednesday. The OPEC consultative session is to convene in Algeria on Wednesday afternoon.