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Iran called the Covenant about the freezing of oil production insufficient to stabilize prices

Иран назвал пакт о заморозке нефтедобычи недостаточным для стабилизации цен

Iran considers insufficient the conclusion of a global agreement on freezing of the level of oil production to maintain reasonable prices. About it reports Reuters referring to a source in the oil industry.

“The problem of the market is overproduction. You must do something to get rid of those extra barrels. If the level of production will freeze the people who have it on maximum, it will not help,” said one of the interlocutors of the Agency.

On 17 February, the Iranian oil Minister Bijan Namdar Zanganeh has announced support for the refusal to increase production after talks with his counterparts from Venezuela, Iraq and Qatar. Following the proper statement of the oil price on the stock exchange has risen sharply. The price of Brent crude rose by 6.8 percent to 34,53 USD per barrel. American WTI crude oil rose by six percent to is 30.91 per barrel.

At the same time, the Ambassador of Iran in OPEC Mehdi Asali before statement Zanganeh expressed the position that the Islamic Republic does not consider the right to freeze their own oil production to keep prices from falling.

February 16, Minister of energy of Russia Alexander Novak and representatives of OPEC (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production at the level of 11 January. They were joined by Iraq and Kuwait.

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