Friday, May 27, 2016


Iran

Iran Voices Support On Raising Oil Prices, But Won't Cut Own Output

Iran has voiced support for a plan by four oil producers to cap production if others do the same, but gave no indication it had any plans to follow suit itself.

"Iran supports any measure to boost oil prices," Oil Minister Bijan Namdar Zanganeh said after talks in Tehran on February 17 with his counterparts from Iraq, Venezuela, and Qatar. 

Zanganeh acknowledged that global markets are "oversupplied," but said Iran "will not overlook its quota," according to comments carried by his ministry's Shana news service.

The agreement reached in Doha the day before by Qatar, Saudi Arabia, Russia, and Venezuela is aimed at stabilizing global oil prices, which recently plunged to less than $30 a barrel, a 13-year low. 

But experts say Iran is keen to ramp up exports to regain market share now that sanctions related to its nuclear program have been lifted under a landmark agreement.

On February 16, Iran's oil minister said it had no intention of giving up its share of the market. 

Based on reporting by AP and Reuters
 

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