AMP - Iranian Oil Minister Bijan Zanganeh on Tuesday refused the freezing of production between the two major producers Saudi Arabia and Russia, calling it a "joke", the ISNA news agency reported.
"Some neighboring countries have increased their production over the years to 10 million barrels per day and total exports, then said let us all freeze our oil production," said Bijan Zanganeh.
"They freeze production at 10 million barrels per day and we froze at one million barrels per day. It is a very funny joke."
In an effort to stabilize the market oversupply, Russia and OPEC member Saudi Arabia, Venezuela and Qatar on Tuesday announced that they have reached a preliminary agreement to freeze production at the level of January, provided that other major manufacturers follow suit.
The news stoked hopes will stabilize the market after oil prices sank to a near 13-year lows last week, due to oversupply continue to survive - but disappointed they did not attempt to cut production.
Iran, which has the second-largest crude oil reserves in the world, has increased production since the deal with Western powers put an end to sanctions over its controversial nuclear program.
Zanganeh said in response to the announcement of a freeze that "there is room for discussion" but that it "will not give up" market share.(antara)
"Some neighboring countries have increased their production over the years to 10 million barrels per day and total exports, then said let us all freeze our oil production," said Bijan Zanganeh.
"They freeze production at 10 million barrels per day and we froze at one million barrels per day. It is a very funny joke."
In an effort to stabilize the market oversupply, Russia and OPEC member Saudi Arabia, Venezuela and Qatar on Tuesday announced that they have reached a preliminary agreement to freeze production at the level of January, provided that other major manufacturers follow suit.
The news stoked hopes will stabilize the market after oil prices sank to a near 13-year lows last week, due to oversupply continue to survive - but disappointed they did not attempt to cut production.
Iran, which has the second-largest crude oil reserves in the world, has increased production since the deal with Western powers put an end to sanctions over its controversial nuclear program.
Zanganeh said in response to the announcement of a freeze that "there is room for discussion" but that it "will not give up" market share.(antara)
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