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Saudi Arabia refrains from freezing output without Iran

by ChemOrbis Editorial Team -
  • 04/04/2016 (13:49)
According to media reports, Saudi Arabia’s deputy crown prince, Mohammed bin Salman, said the kingdom will freeze output only if Iran agrees to limit their production, which clouded hopes of an agreement between oil majors in Doha on April 17.

"If all countries agree to freeze production, we’re ready. If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door,” reported Mohammed bin Salman in an interview with Bloomberg.

However, Iran seems to be determined to increase their oil output at least until they reach pre-sanction levels. According to the International Energy Agency (IEA), Iran’s oil production rose to a four-year high of 3.22 million barrels oil per day (bpd) in February. Iran’s Oil Minister, meanwhile, reported that Iran’s oil and gas condensate exports rose by 250,000 bpd in March, surpassing 2 million bpd.
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