Saturday, August 27, 2016


Iran

Russian, Iranian Oil Ministers Meeting After Tehran Rejects Production Freeze

Russian Energy Minister Aleksandr Novak was scheduled to meet with Iranian Oil Minister Bijan Zanganeh in Tehran to discuss a Russian-Saudi deal to freeze their oil production in response to low global oil prices.

The March 14 talks come a day after Zanganeh told Iran's Press TV that Iran has no plans to freeze its oil production, and that other oil-producing countries should “leave us alone.”

Zanganeh said Tehran would only consider a freeze after it increases production to 4 million barrels a day, the level of Iranian output before international sanctions were imposed over concerns about its nuclear program. 

Zanganeh has previously said an oil freeze would be a "joke" and that Iran wants to recover its lost market share.

According to the Organization of the Petroleum Exporting Countries (OPEC), Iran's current production is between 2.8 million and 3.5 million barrels a day.

The Russian-Saudi deal also was agree to by OPEC members Venezuela and Qatar.

The global price of oil has fallen by up to 70 percent since a peak in mid-2014.

Based on reporting by AP, Reuters, AFP, and Press TV

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