While Iran decides not to take a clear position, leaving the markets in total uncertainty, the prices of Brent and Wti skyrocket, with increases of more than 5%.
Summary of previous episodes. Yesterday Saudi Arabia, Russia, Qatar and Venezuela announced their intention to freeze oil production, keeping it at January levels. This morning - the day on which the summit between the competent ministers of Iran, Iraq, Qatar and Venezuela was held in the capital of the Islamic Republic - the festive atmosphere was however abruptly interrupted by the statements of the director general of the Ministry of Petroleum for relations with OPEC Mehdi Asali who defined the request to freeze production as "illogical". The reason is obvious: in the years of the embargo the other exporters allegedly took advantage of the Iranian exclusion to increase their output up to 4 million barrels a day. “They now expect Iran to pay the cost of a rebalancing. If they ask us to decrease our production, the answer is no,” he concluded.
In the afternoon, Tehran's version decidedly softened. Minister Bijan Zanganeh said he supported "the decision that was taken by OPEC members and non-OPEC countries to maintain a production ceiling to stabilize the market and prices for the benefit of producers and consumers".
Too bad no one understood what Iran's real intention is. Will it freeze production or not? At the moment it is not known, but the small opening of Tehran seems to have given new life to oil prices. The price of Brent rose to 34,62 dollars (up 7,58%) from 32 dollars at the previous close, while WTI reached 33,11 dollars a barrel, up 6,97%
