Iran will join Opec talks once production target is reached

Iran will join Opec talks once production target is reached

Iran asked Opec members to leave the country alone in regards to the oil market until it reaches production of over four million barrels per day.

The country said it wants to reconstruct its market share after a trade ban and only then will it be interested in discussions with Opec members to cap oil production.

Oil minister Bijan Zanganeh said, “They should leave us alone as long as Iran’s crude oil has not reached four million. We will accompany them afterwards.”

Over the last two months, oil prices have been steadily rising despite reaching lows in mid-January. In early March the price of Brent crude hit US$40 per barrel for the first time since December.

Saudi Arabia is currently arranging a deal with Russia and plans to meet again this week. Vladimir Putin, Russia’s President, has already pledged that in 2016, no Russian oil firms would raise production.

@RGNonline