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 Russia fails to persuade Iran to freeze oil output, - Reuters

A global deal to freeze oil production could be signed in April and exclude Iran, which has the right to boost output after years of sanctions.

Russian energy minister Alexander Novak said on Monday after talks in Tehran, Censor.NET reports citing Reuters.

Read more: No agreement to freeze oil production reached by Iran, Iraq, Venezuela, and Qatar

He said the deal could exclude Iran as the country seeks to regain production hit by now-lifted international sanctions imposed over Tehran's nuclear program.

"We share (the view) that Iran is in a special situation. The sanctions that had been introduced had materially hit (Iran's) output," Novak said after meeting his Iranian counterpart Bijan Zanganeh.

"On the whole, Iran supports the need for coordination between oil exporters, including a possible freeze. But Iran's position is that they have to first restore their production volumes... After that, they are ready to join the freeze," Novak said.

Read more: "Rolling storage": US traders use railcars to store excess oil, - WSJ


 
 
 
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