Iran yet to decide on OPEC limits, says Ministry

Offical source in Tehran says only 'speculation' that the country would take part in the meeting.

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Iran has yet to take any decision on whether to set a ceiling on oil production or take part in a planned OPEC meeting in Algeria, an oil ministry source told AFP on Wednesday.

“It is too early to talk of a decision from Iran concerning a freeze in the level of production,” said the source, speaking on condition of anonymity.

The comments followed rumors that Iran would take part in an informal OPEC meeting in September on the margins of an energy forum.

Oil prices jumped after reports that Iran had sent “positive signals” that it might support a move by OPEC and Russia to freeze production in order to boost prices.

But the oil ministry source in Tehran said it was only “speculation” that Iran would take part in the meeting.

Failed output freeze

A previous OPEC attempt to freeze production collapsed earlier this year largely because of a refusal by Iran, which had just emerged from international sanctions and was keen to maximize its oil revenues.

Tensions have also spiked in recent months with regional rival Saudi Arabia, the dominant member of OPEC.

Iran says it has doubled its exports of oil and gas to 2.7 million barrels per day (bpd) since signing an accord with world powers in July 2015 that removed sanctions in exchange for curbs on its nuclear program.

Oil production has risen from 2.7 million bpd to 3.85 million bpd in that time, close to the level before international sanctions were imposed in 2012.