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World oil prices

Iran may freeze oil production as its level reaches 4 million barrels a day

The country’s Minister of Oil said he would discuss "oil policies" during the negotiations in Tehran with Russia’s Minister of Energy Alexander Novak

© AP Photo/Hasan Jamali

TEHRAN, March 13. /TASS/. Iran will discuss with its major producers freezing of the oil production only as its level reaches 4 million barrels a day, the country’s Minister of Oil Bijan Namdar Zanganeh said on Sunday.

Read also

Iran to support any initiative to improve situation with oil prices — Iranian oil minister

"Until we have not reached the production level of four million barrels a day, they (other oil producing countries) should leave us alone," Press-TV quoted the minister as saying. "As we reach that level of production, we shall be able to cooperate with them."

The minister said he would discuss "oil policies" during the negotiations in Tehran with Russia’s Minister of Energy Alexander Novak, due on Monday, March 14.

On February 16, the oil ministers of Saudi Arabia, Qatar, Venezuela, OPEC and Russian Energy Minister Alexander Novak met in Doha, Qatar, and discussed how to improve the situation with oil prices on the global market. The parties expressed readiness to maintain the average oil production level in 2016 at the level of January this year, if other oil-producing countries join this initiative.

On Tuesday, Russia’s Energy Minister Alexander Novak said that the decision to stabilize oil production was publicly supported by fifteen nations producing 73% of oil across the globe.

He added that the decision will be efficient even without Iran.

The minister did not rule out that the conditions of oil production stabilization for Iran will also be discussed at a meeting between members and non-members of OPEC in mid-March.

Iran, in its turn, tries to restore its share in the market as the sanctions have been lifted and expects the OPEC and other major producers may offer to Iran a special program to build up oil production and export.

The Iranian ministry of oil said earlier they plan the oil production will grow from 2.8 million barrels a day in 2015 to 3.6 barrels a day in second half of 2016. The minister said to March 20 the country’s oil export would make two million barrels a day.

Read also

Experts: Lifting of anti-Iran sanctions to have only short-term impact on oil prices

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