Iran says oil output freeze “illogical”

Iran says oil output freeze “illogical”
February 17, 2016 - 13:18 AMT

PanARMENIAN.Net - Iran's Opec envoy is reported as saying it is "illogical" for it to join the oil output freeze agreed by a Russian and Saudi Arabian-led group on Tuesday, February 16, BBC News reports.

Mehdi Asali, quoted in the Iranian newspaper, Shargh, said Iran will continue to increase oil production until it reaches pre-sanction levels.

Venezuela's oil minister is due to hold talks in Tehran to broker a deal with Iran and Iraq on Wednesday.

Iran has only just restarted oil exports after sanctions were lifted.

The move by four countries, including Venezuela and Qatar, is the first of its kind in 15 years. It is designed to reflate oil prices, which have sunk by about 70% from their recent peak of $116 in June 2014.

The plan though failed to convince oil traders. In Tuesday trading the price of a barrel of Brent crude fell by 3.2%.

Related links:
BBC. Iran says it is 'illogical' for it to join oil output freeze
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