Iran Rejects Oil Output Freeze

By John Lee.

Iran has reportedly put off plans to join nations proposing a freeze on oil production.

BBC News quotes Oil minister Bijan Zanganeh (pictured) as saying that Iran would only join discussions to cap output after its production reached four million barrels per day.

Mr Zanganeh said:

“I have already announced my view regarding the oil freeze and I’m saying now that as long as we have not reached four million in production, they should leave us alone.

“When we reach this level of production, we can then co-operate with them.”

The oil price fell by nearly 3 percent on Monday.

Iran produced 3.1 million barrels per day in February, a rise of 187,000 barrels on the previous month.

(Source: BBC News)

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