Russia Says Iran Might Be Exempt from Oil Output Freeze
TEHRAN (Tasnim) – The Russian energy minister said a global deal might be signed in April whereby oil production will be freezed and Iran would be excluded as it seeks to regain production hit following the removal of anti-Tehran sanctions.
A final agreement on an output freeze to support oil prices, which have fallen 65 percent since peaking in June 2014 due to oversupply, is seen next month, possibly again in the Qatari capital city of Doha, Alexander Novak told reporters after meeting Iranian Oil Minister Bijan Namdar Zanganeh in Tehran on Monday, Reuters reported.
Four of the world's leading oil producers - Russia, Saudi Arabia, Qatar and Venezuela - met in Doha last month, saying they were ready to hold output at January levels if other producers did the same.
"We share (the view) that Iran is in a special situation. The sanctions that had been introduced had materially hit (Iran's) output," Novak said.
He said oil prices were expected to be between $40 and $50 per barrel by the year-end, compared to just below $40 currently.
Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.
The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.
