The Kuwait’s Deputy Foreign Minister, Khaled Jarallah, stressed the importance of reaching a consensus among oil producing countries on an output ceiling to prop up crude prices, and he said that “There is no choice but to freeze production,” the Kuwait News Agency reported.
Talking to the press after concluding an official visit to Japan, Jarallah added that “Iran should learn from the market … the market does not give an opportunity to increase production,” Reuters reported.
His words came ahead the next oil producers’ meeting in June, where the Organization of the Petroleum Exporting Countries could revive talk of freezing oil production along with nonmembers, according to what top oil officials, The Wall Street Journal wrote.
A production freeze was an idea that had helped send prices rallying more than 50% from 12-year lows last winter, but OPEC members and other oil exporters failed in a meeting in the Qatari capital Doha on April 17 to reach an agreement on it. One of the main obstacles to reach the deal on the plan initially raised by Saudi Arabia was Iran’s position: “We can’t cooperate with them to freeze our own output, and in other words impose sanctions on ourselves,” Iran’s Oil Minister Bijan Zangeneh said.