Iran’s Organization of the Petroleum Exporting Countries envoy on Wednesday said his country will not freeze its oil production levels, snubbing a proposal that was agreed by four other countries a day earlier, according to a media report.
Russia, Saudi Arabia, Qatar and Venezuela agreed to cap crude production at January levels if other major producers follow suit following a meeting in Doha, Qatar on Tuesday.
The Islamic Republic’s OPEC envoy Mehdi Asali said: “Asking Iran to freeze its oil production level is illogical,” according to Iranian newspaper the Shargh.
He added: “When Iran was under sanctions, some countries raised their output and they caused the drop in oil prices. How can they expect Iran to cooperate now and pay the price?”
Energy ministers from Venezuela, Iraq and Qatar were meeting with their Iranian counterpart Bijan Zanganeh in Tehran on Wednesday in an effort to reach an agreement to restrain oil output and prop up falling prices, Reuters reported.
Iran has said it will increase its oil production by 500,000 barrels a day after international sanctions were lifted in January under a deal with world powers to curb its nuclear program.
SOURCE: Jane Onyanga-Omara
USA TODAY
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