Tehran May Cap Oil Production Once Daily Output Reaches 4Mln Bbls

According to self-imposed conditions, Iran may join the initiative to freeze oil extraction, but only after Tehran's daily oil output reaches four million barrels.

MOSCOW (Sputnik) — Iran could join the initiative to freeze oil extraction, only after Tehran's daily oil output reaches four million barrels, Iranian Oil Minister Bijan Zangeneh said Sunday.

In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market in the Qatari capital of Doha and agreed to freeze oil production at its January levels if other countries followed the suit. Iran did not take part in the meeting.

"Until the oil output reaches four million barrels per day, they should not work with us in this regard, we will cooperate only after this," Zangeneh said, as quoted by the Iranian ISNA news agency.

In mid-January, the sanctions imposed on Tehran were removed after the International Atomic Energy Agency verified Tehran’s compliance with the nuclear agreement reached between Iran and six international mediators. The move makes it possible for Iran to become an active player on the global oil market.

According to the Organization of the Petroleum Exporting Countries (OPEC), Tehran is currently producing about 3.1 million barrels per day.