Iran's Oil Minister Calls Proposed Saudi - Russian Oil-Output Freeze 'A Joke'

Iran's Oil Minister Bijan Zangeneh has strongly rejected a call by Saudi Arabia to freeze oil production at one million barrels per day, saying such a request is nothing more than "a joke". Press TV

Bloomberg: Iran Calls Proposed Saudi-Russian Oil-Output Freeze ‘Ridiculous’

* Oil Minister Zanganeh decries `unrealistic demands' on Iran
* Country plans to boost oil output by 1 million barrels a day

Iran’s oil minister called a proposal by Saudi Arabia and Russia to freeze oil production “ridiculous” as it seeks to boost output after years of sanctions constrained sales. Crude prices fell after the comments.

The proposal by Saudi Arabia, Russia, Venezuela and Qatar for crude oil producers to cap production at January levels puts “unrealistic demands” on Iran, Oil Minister Bijan Namdar Zanganeh said Tuesday, according to the ministry’s news agency Shana.

“It is very ridiculous, they come up with the proposal on freezing oil production and call for this freeze to take place in their 10 million barrels a day production vis-a-vis Iran’s 1 million barrels a day” planned production boost, he said. “If Iran’s crude oil production falls, it will be overtaken considerably by the neighboring countries.”

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