Iran spurns call to cap oil output

Iran has snubbed a proposal agreed to by four influential oil producers to cap their crude output if others do the same, with a senior Oil Ministry official saying Tehran has no intention of freezing oil output levels.

Mahdi Asali, Iran’s OPEC envoy, said his country will in fact keep increasing its crude exports until it reaches levels attained before international sanctions were imposed on Tehran over its nuclear program.

Asali’s comments came as Iran’s oil minister was expected to hold three-way, closed-door talks in Tehran with his counterparts from Iraq and Venezuela.

On Wednesday, Venezuela joined Russia, Saudi Arabia and Qatar in conditionally agreeing to cap their output at last month’s levels in order to halt a slide that has pushed oil prices to their lowest point in more than a decade. Oil prices recently plummeted below $30 a barrel, the lowest in 13 years.

— AP