Iran will continue to ramp up crude oil production until it reaches levels prior to international sanctions imposed on its controversial nuclear program.
This was reported by a senior Iranian official to the Shargh newspaper, after yesterday Russia and Saudi Arabia agreed to freeze production at January levels, adding however that the agreement must also be satisfied by other producers.
Today, Iranian Oil Minister Bijan Zanganeh will meet with the ministers of Venezuela, Iraq and Qatar at 14pm local time (11,30am GMT) to discuss the proposal, a ministry spokesman said.
“Asking Iran to freeze its production level is illogical…when Iran was under sanctions, some countries raised their production and caused prices to drop…how can they expect Iran to cooperate now and pay the price?” the Iranian OPEC envoy told the newspaper.
"We have repeatedly said that Iran will increase crude oil production until it reaches pre-sanctions production levels."
