Iran urges oil producers to keep discussing freeze, says it can't sign up

Image
Reuters DUBAI
Last Updated : Apr 18 2016 | 4:57 PM IST

DUBAI (Reuters) - Iran urged other oil producers on Monday to continue talks on an output freeze to prop up crude prices, but insisted it was justified in not freezing its own output.

Iranian OPEC Governor Hossein ?Kazempour Ardebilli was speaking to his oil ministry's Shana news agency after talks on Sunday between producers in Doha collapsed when Saudi Arabia demanded that Iran join a freeze. Iranian representatives were not present at the talks.

"We support cooperation between OPEC and non-OPEC member countries and efforts to bring stability to the oil market, and we urge all producers to continue their negotiations," Ardebilli said.

But he also said Iran had made it clear that it wanted to regain its share of the oil market lost when it was hit by economic sanctions, and that "its position is supported by most OPEC and non-OPEC members around the world".

The sanctions were lifted in January after Iran and the group of world powers known as the P5+1 agreed on curbs to Tehran's nuclear programme.

Ardebilli said that if Iran participated in the proposed output freeze, it would in effect be maintaining sanctions on itself.

"Those who opposed the nuclear deal between Iran and the P5+1 and the lifting of cruel sanctions on the Islamic Republic... proposed the oil output freeze in January 2016, having the illusion that Iran has no other choice but to accept," he said, in an apparent reference to Saudi Arabia.

(Reporting by Bozorgmehr Sharafedin; Writing by Andrew Torchia, editing by David Evans)

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Apr 18 2016 | 4:45 PM IST

Next Story