Iran to skip key meet on oil production freeze
In about face, Tehran says it won’t cut output to address supply glut and so does not need to attend Doha meeting
TEHRAN, Iran — Iran will not be sending any representative to a key oil summit in Doha aimed at negotiating a production freeze, Tehran’s petroleum minister said on Sunday.
“The Doha meeting is for people who want to participate in the production freeze plan… but since Iran isn’t expected to sign up to the plan the presence of an Iranian representative isn’t necessary,” Bijan Zanganeh was quoted as saying by the Shana news agency.
Tehran, which is aiming to increase crude output after the lifting of nuclear-related Western sanctions, had said Friday it would send its OPEC representative to the talks in Qatar that were due to start on Sunday.
“Iran will in no way give up its historic production quota,” Zanganeh said.
Oil prices, which hit a 13-year low earlier this year, have rebounded sharply in recent weeks partly on expectation that a deal between OPEC and non-OPEC producers in Qatar could help to reduce a global crude supply glut.
Saudi Arabia, the world’s leading oil exporter, has vowed not to join an output freeze unless regional adversary Iran does likewise.
OPEC said this week that Iranian oil production in March was 3.3 million barrels per day, up from 2.9 million in January, but still short of its pre-embargo level of around 4.0 million.
The Times of Israel covers one of the most complicated, and contentious, parts of the world. Determined to keep readers fully informed and enable them to form and flesh out their own opinions, The Times of Israel has gradually established itself as the leading source of independent and fair-minded journalism on Israel, the region and the Jewish world.
We've achieved this by investing ever-greater resources in our journalism while keeping all of the content on our site free.
Unlike many other news sites, we have not put up a paywall. But we would like to invite readers who can afford to do so, and for whom The Times of Israel has become important, to help support our journalism by joining The Times of Israel Community. Join now and for as little as $6 a month you can both help ensure our ongoing investment in quality journalism, and enjoy special status and benefits as a Times of Israel Community member.
comments