Iran once more rules out production freeze

Iran

TEHERAN, May 9, 2016 – Iranian Minister of Petroleum Bijan Zangeneh over the weekend once more ruled out the possibility of Iran joining an initiative to freeze oil production. Speaking to IRINN television, the minister’s comments on Sunday do not bode well for the upcoming OPEC meeting, scheduled for June 2.

After the failed Doha talks in April, the 169th ordinary session in Vienna, Austria, was looked at as another opportunity to reach an agreement on capping oil output. Looking back at the event, Zangeneh minced no words, saying he told then-Saudi Minister of Oil Ali Al Naimi “you have got to be kidding me” in response to the latter’s proposal to keep oil output at January 2016 levels.

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