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Iran Says It Supports Plan To Freeze Oil Production


Iran's oil minister has said Tehran would support any plan to stabilize the market, despite not attending last week's meeting of oil producers in Qatar to freeze global oil production.

The talks on April 17, aimed at trying to boost global oil prices by capping production, ended without agreement.

Saudi Arabia, the world's top oil exporter, had demanded that any cap deal must be binding to all producers.

Iranian Oil Minister Bijan Namdar Zanganeh said although the Doha meeting was not "fruitful," Tehran saw it as a "positive step."

"[The Doha meeting] initiated negotiations between OPEC and non-OPEC member countries and showed to the main oil producers in OPEC that something should be done to change the situation," Zanganeh was quoted as saying by the oil ministry's news agency, SHANA, on April 23.

But Iran, a member of OPEC, is insisting that it will not limit its output until it has raised its production to the level before international sanctions were imposed against Tehran over its nuclear program.

Based on reporting by Reuters and SHANA
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