Iran says it will freeze oil production only after regaining market share
A collapse in the price of oil since mid-2014 has led some big exporters to suggest an output freeze
Iran must regain its share of the global oil market before it will participate in any agreement among oil producing countries to restrict supply, the chief of staff to President Hassan Rouhani said on Thursday.
A collapse in the price of oil since mid-2014 has led some big exporters to suggest an output freeze, but Iran is focused on increasing supply following the lifting of international sanctions earlier this year.
“Of course the oil market has to be managed more wisely,” Mohammad Nahavandian said at the Royal United Services Institute in London.
“For Iran to participate in supply reduction, the prerequisite is to come to ... the share of the market it had and then from that position help with a decrease in supply.”
Nahavandian said Iran's reliance on oil revenue was now minimal, and that it was up to other producer countries to act to restrict supply.