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World oil prices

Iran not involved in oil market imbalance and will not be held responsible - minister

Iran had no part in creating an imbalance in the market, and one cannot expect the Republic to impose sanctions against and boycott itself, the minister said

TEHRAN, April 17. /TASS/. Iran did not participate in the process that led to the imbalance of the global oil market, and therefore does not intend to freeze oil production and export of hydrocarbons, according to Iranian Petroleum Minister Bijan Namdar Zangeneh.

The Minister said, that Iran had no part in creating an imbalance in the market, and one cannot expect the Republic to impose sanctions against and boycott itself.

At the same time, he welcomed the intention of the OPEC countries and Russia to freeze oil production at the January level, noting, "In this plan, for the first time in many years, OPEC and non-OPEC producers have come together to form a serious and effective cooperation," Shana news agency quoted the Minister as saying.

At the same time, Zanganeh confirmed that Iran, for its part, will not freeze oil production under any circumstances, the country is aimed to restore its position in this market.

Currently Iran exports 2 mln barrels per day, oil production totals 3.5 mln. The budget of the current Iranian year (started on March 20) includes the level of daily exports of 2.25 mln barrels.

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