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Iran Calls Proposed Saudi-Russian Oil-Output Freeze ‘Ridiculous’

Iran’s oil minister called a proposal by Saudi Arabia and Russia to freeze oil production “ridiculous” as it seeks to boost output after years of sanctions constrained sales. Crude prices fell after the comments.The proposal by Saudi Arabia, Russia, Venezuela and Qatar for crude oil producers to cap production at January levels puts “unrealistic demands” on Iran, Oil Minister Bijan Namdar Zanganeh said Tuesday, according to the ministry’s news agency Shana.“It is very ridiculous, they come up with the proposal on freezing oil production and call for this freeze to take place in their 10 million barrels a day production vis-a-vis Iran’s 1 million barrels a day” planned production boost, he said. “If Iran’s crude oil production falls, it will be overtaken considerably by the neighboring countries.”The three OPEC members and Russia are seeking to halt the 40 percent drop in oil prices over the past year resulting from a global crude glut. Iran is seeking to increase output by 1 million barrels a day this year after international sanctions on its oil industry were lifted last month. Brent crude, a global benchmark, fell as much as $1.04 and was 91 cents lower at $33.78 a barrel at 3:43 p.m. in London.

Source: Iran Calls Proposed Saudi-Russian Oil-Output Freeze ‘Ridiculous’ – Bloomberg Business

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