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Oil prices rebound on Iran’s positive reaction to output freeze

by ChemOrbis Editorial Team -
  • 18/02/2016 (12:01)
According to media reports, Iranian oil minister Bijan Zanganeh said at a meeting with oil ministers from Iraq, Qatar and Venezuela on Wednesday that they support cooperation between OPEC and non-OPEC members to stabilize the market and prices, which would include freezing output at January levels. However, the minister did not specify whether or not they would limit their own crude production as the country has continuously reported that they are aiming to increase production to pre-sanction levels in order to regain market share.

Iran’s positive stance to cooperation between OPEC members and Russia resulted in higher oil prices on Wednesday. ICE April Brent crude was up $2.32/barrel to settle at $34.50/barrel on Wednesday while NYMEX March crude futures climbed $1.62/barrel to settle at $30.66/barrel.

So far, Qatar, Venezuela, Kuwait, Saudi Arabia and Russia have indicated their willingness to freeze output at January levels while the UAE also stated they are ready to cooperate in order to stabilize oil markets.
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