Iran Won’t Cap Oil Production

By John Lee.

Iran has reportedly snubbed a proposal to cap crude oil output.

According to Associated Press, Mahdi Asali, Iran’s OPEC envoy, said Iran will continue to increase its crude oil exports until it reaches pre-sanction levels.

The comments came following a four-way, closed-door, meeting between Iranian Minister of Petroleum Bijan Zangeneh and his counterparts from Iraq, Venezuela and Qatar (pictured).

Meanwhile, Shana quotes Zangeneh as saying that Tehran “supports any move to stabilize the situation in the international crude oil market and increase oil prices“.

(Sources: Associated Press, Shana)

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