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Media: Iran unwilling to limit crude oil production

by ChemOrbis Editorial Team -
  • 17/02/2016 (17:12)
According to media reports, after Saudi Arabia, Venezuela, Qatar and Russia agreed to freeze oil production at January levels at their meeting on February 16, the parties visited Iran to persuade the country to join their efforts to stabilize oil prices.

Iran expressed reluctance to limit crude oil production at the meeting as the country is aiming to increase production to pre-sanction levels in order to regain their market share. Reuters reported that OPEC might offer special terms to Iran regarding the output freeze deal.

Before 2012, Iran had been exporting around 2.5 million barrels per day (bpd) of crude, but this declined to around 1.1 million bpd due to sanctions. Within a year, Iran is targeting to increase oil production by around 1 million bpd.
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