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Iran backs oil producers' output freeze: minister

Xinhua, April 17, 2016 Adjust font size:

Iran's oil minister said Sunday that his country supports other oil producing countries' oil output freeze, Iran's Petro-Energy Information Network (SHANA) reported on Sunday.

Bijan Namdar Zanganeh hailed the oil producers' collaboration in stabilizing and balancing the global market, saying that based on the plan "for the first time in many years, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers have come together to form a serious and effective cooperation."

However, the Iranian minister said that Tehran will not give up on restoring its share in the global oil market with its historic production quota.

"We have told other OPEC members and some non-OPEC oil producers like Russia that they must understand Iran's return to the market, because if Iran freezes its oil output at January 2016 levels, then nothing would change regarding the removal of oil sanctions for the country."

Oil sanctions were the most important sanctions imposed on Iran by the West over its nuclear disputes, and almost all OPEC members have welcomed Iran's return to the market following last year's nuclear deal and the removal of sanctions.

The world's leading oil producing countries, except Iran, gathered in Doha, Qatar, on Sunday to discuss potential crude production freeze in a bid to buttress the floundering global oil market with its feeble prices.

Altogether, 23 countries, both within and outside OPEC, have sent their delegates to Doha for the "Oil-Producing Countries Ministerial Meeting" mainly to discuss the proposal of freezing output at January levels according to an agreement reached in February.

Russia, Saudi Arabia, Qatar and Venezuela agreed on February 16 to freeze, but not cut, oil output at the levels reported in January.

However, the agreement depended on other major producers joining it.

Iran has been trying to raise its oil production to the levels before Western powers imposed economic sanctions on it over its nuclear program. Endit