Accessibility links

Breaking News

Iranian Official: Joining Oil Output Freeze Would Be 'Illogical'

Updated

A senior Iranian official is reported as saying it would be "illogical" for Tehran to join a proposed oil output freeze.

Iranian newspaper Shargh quoted Iran's OPEC envoy Mehdi Asali as saying Tehran would continue to increase oil production until it reaches presanction levels.

The comments come as Venezuela's oil minister is due to hold talks in Tehran later on February 17 to broker a deal with Iran and Iraq.

Saudi Arabia and Russia -- the world’s two largest oil exporters -- promised on February 16 to cap production at January levels in a step toward clearing the global oil glut, provided other producers backed the agreement.

Qatar, Venezuela, and Kuwait say they are also committed to the conditional output freeze.

Freed just last month to fully restore international oil exports after three years of sanctions, Tehran has vowed to nearly double production to regain market share.

Iraq, which has already boosted production to record levels, may be more open to halting further growth.

Based on reporting by AP, Reuters, and Bloomberg

RFE/RL has been declared an "undesirable organization" by the Russian government.

If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.

To find out more, click here.

XS
SM
MD
LG