Iran will attend talks with fellow members of the Organization of Petroleum Exporting Countries (OPEC) and Russia in Qatar on April 17th, yet without joining their proposal to freeze crude oil production, Bloomberg reported.
Iranian Oil Minister, Bijan Zanganeh, will attend the discussions in line with Tehran’s national policy of regaining market share lost during years of sanctions. Zanganeh dismissed any freeze agreement that would apply to Iran as “ridiculous” because the nation aims to revive production after nuclear sanctions were lifted in January. As Press TV informed, in March, Russia’s energy minister said a future global oil deal on production ceiling might temporarily exempt Iran from freezing its output level.
Iran’s attendance means all 13 members of OPEC except Libya are scheduled to take part in the freeze talks. While an initial accord in February between Saudi Arabia, Qatar, Russia, and Venezuela to cap production at January levels helped revive oil prices, analysts including Commerzbank AG say a freeze would have little impact even if more nations join, because most are not on track to increase output anyway. Non-OPEC oil producers Argentina and Brazil do not plan to join the talks.