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Global Oil Market: Iran Says It Won’t Reduces Oil Production

Iran’s oil minister, Bijan Zanganeh, has said that his country will not abandon its share in the oil market, adding that he will ‘certainly’ attend Doha oil producers meeting ‘if he has time.’

He said Iran would continue to increase its oil production and exports until it reaches its position on the market before the imposition of sanctions, saying that “the agreement between the world’s top OPEC and non-OPEC exporters such as Saudi Arabia and Russia to freeze output at January levels is a positive step.”

The Iranian oil minister said he would certainly attend the oil producers meeting in April, ‘if he had time.’

OPEC and non-OPEC producers will meet in the Qatari capital, Doha on April 17, to hold talks on a deal to freeze output at January levels to support the global oil market.

On the sidelines of his meeting with Russian Minister of Energy, Alexander Novak in March, Zanganeh had said that if the market were to be left as it is, it would take perhaps 1.5 to 2 years for the market to be stabilized; “but if world’s top oil producers intervene, this could be achieved in less than a year,” he said.

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So far, Russia, Oman and Nigeria have officially backed Iran’s exclusion from the output freeze, although some Arab countries are pushing for Iran to join the initiative.

“Asking Iran to freeze its oil production level is illogical… when Iran was under sanctions, some countries raised their output and they caused the drop in oil prices,” Iran’s OPEC envoy, Mehdi Asali, had said in February.

In support of the Russian-Saudi initiative aimed at tackling a growing oversupply and helping prices recover from their lowest in over a decade, Qatar has invited all OPEC and non-OPEC members to attend talks on April 17 on a deal to freeze output to stabilize the global oil market.