By Staff, Agencies

The secretary general of the Organization of Petroleum Exporting Countries [OPEC] said that Iran was one of the most important founding members of the entity with a significant role in stabilizing the oil market.

In an interview with Kuwaiti newspaper Al Ra'I on Sunday, Haitham al-Ghais said that Iran and Venezuela were among the most important founding members of OPEC and had a significant role in stabilizing the oil market.

Al-Ghais said that OPEC members need 500 billion dollars of investment per annum to keep its current production level of 100 million barrels per day, warning that the prices will go higher otherwise.

He also highlighted Russia’s role in the global energy market, noting that OPEC was not in competition with the country.