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Russia: Iran Wants To Restore Oil Output Before Freezing It

Russian Energy Minister Aleksandr Novak has said Iran would consider joining a global deal to cap oil production only after it restores its output back to levels seen before international sanctions.

Russian news agencies quoted Novak as saying on March 14 that a meeting between Russia and OPEC countries on freezing oil production in order to boost global oil prices could take place in April.

Novak spoke after talks in Tehran with his Iranian counterpart, Bijan Zanganeh.

He said that while Tehran generally supports the idea, it believes that it first needs to restore its oil production to 4 million barrels a day -- the highest level since 2008.

Novak said that Iran's demands were "reasonable."

Iran’s current output is between 2.8 million and 3.5 million barrels a day.

Sanctions imposed on Iran over its nuclear program were lifted in January.

Based on reporting by AP, Reuters, and TASS