Iran targets 4 million bpd oil production before output freeze
“We will work with other oil suppliers to stabilize oil markets after our oil output reaches 4 million bpd. Until then, they should leave us alone,” said the Minister, according to the ISNA.
On February 16, Saudi Arabia, Venezuela, Qatar and Russia had agreed to freeze oil production at January levels to stabilize the oil market. However, Iran stated that a proposal to freeze oil output at January levels was not feasible as Iran is aiming to increase production to pre-sanction levels in order to regain market share.
Meanwhile, according to a Reuters report, some OPEC delegates believe that if Iran balks at plans to freeze output, any agreement between other oil producers will be unable to stabilize oil markets.
Zanganeh also said that Iran’s oil exports will rise to 2 million bpd in the month ending March 20, the end of the Iranian year, from 1.75 million bpd a month earlier.
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