ANKARA/DUBAI (Reuters) – Iran yesterday stopped short of offering to restrain oil output as part of a global pact to freeze production to prop up prices, making clear it wants to recapture the market share it lost during years of sanctions.
Iran’s stance will complicate talks on output levels after a surprise compromise this week between two of the world’s top exporters – non-OPEC Russia and the group’s leader Saudi Arabia – to freeze output at January levels, near their historic highs.
The first mooted global oil pact in 15 years has so far failed to impress the market, which had expected a production cut instead of a freeze that could even turn into an increase if Iran wins special terms from fellow OPEC members.
“This is the first step and other steps should also be taken. This cooperation between OPEC and non-OPEC members to stabalise the market is good news. We support any effort to stabilise the market and prices,” Iranian oil minister Bijan Zanganeh said, according to the Shana news agency.
Zanganeh spent around two hours with oil ministers from Iraq, Qatar and Venezuela in Tehran on Wednesday. The visitors, who flew from Doha, where the output deal was clinched on Tuesday, left the Tehran meeting without comment.
