14:38 GMT +3 hours29 May 2016
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General view of part of the Tehran's oil refinery south of the capital Tehran, Iran

Iran Constructive on Oil Production Freeze, But Not Ready to Join

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Russian Energy Minister Alexander Novak said that Iran is not ready to join freeze oil production agreement.

MOSCOW (Sputnik) – Iran has constructively reacted to the proposal to freeze oil production but is not yet ready to join other countries in the agreement, Russian Energy Minister Alexander Novak said Saturday.

“As I’ve said before, Iran has quite constructively reacted as a whole to the proposals that are currently being discussed by our four [partners], but I’d say that [Iran] isn’t ready to join them yet,” Novak said in a televised interview on the Vesti v Subbotu weekly news program.

On Tuesday, the energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha. The four countries agreed to keep their average monthly oil output throughout 2016 at January levels if other major oil producers also did so. According to Venezuela's minister, the agreement was later supported by Ecuador, Algeria, Nigeria, Oman and Kuwait.

Earlier this week, media reported, citing Iran’s envoy to the Organization of the Petroleum Exporting Countries, Mehdi Asali, that Tehran was unlikely to freeze its oil production levels, as it would be "illogical" in the context of the recent lifting of sanctions against it.

In August 2015, Tehran and six international mediators, including Russia, reached a historic deal on Iranian nuclear program, which was set to ensure the peaceful nature of its nuclear program in exchange for the termination of anti-Iran sanctions, in particular in oil sector.

In mid-January, the sanctions were removed after the International Atomic Energy Agency verified Tehran’s compliance with the nuclear agreement. The move makes it possible for Iran to reassume an active role on the global oil market.

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Oil in Turmoil (56)
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oil production, Alexander Novak, Iran, Russia
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