Iran Re Oil Production Freeze, “Leave us alone.”
$OIL
Iran’s Oil minister suggests the country would look to return to pre-sanctions marks, meaning 4-M BPD
Iran will join OPEC and other Crude Oil producers in freezing production after its output reaches 4-M BPD, the country’s oil minister has said Sunday.
Bijan Zanganeh made the comments when asked if Russian energy minister Alexander Novak would try to convince Iran to join an Oil production freeze agreed between Saudi Arabia and Russia, according to the Iranian Student News Agency.
“They should leave us alone as long as Iran’s crude oil has not reached 4 million. We will accompany them afterwards,” Minister Zanganeh said.
He added that the country saw $70 as a suitable Crude Oil price, but would be satisfied with less, it has resisted calls by other exporters to freeze production.
The country pumped 2.93-M BPD in January, and is looking to boost exports back to a 2.5-M BPD peak before the Western government sanctions, after dropping to 1-M BPD in recent years.
Minister Zanganeh said the country’s Crude Oil exports were due to reach 2-M BPD by the end of the Iranian month on 19 March, up from 1.75-M BPD the prior month.
The global deal to freeze production will be discussed in Russia at a meeting on 20 March, according to reports.
The post Iran Re Oil Production Freeze, “Leave us alone.” appeared first on Live Trading News.