Final Deal on Crude Output Freeze Possible without Iran, Russia Says
TEHRAN (Tasnim) – Russian Energy Minister Alexander Novak said on Wednesday that a final deal on production freeze to support oil prices is possible without Iran’s presence in an upcoming meeting on crude output of fellow OPEC members plus Russia in the Qatari capital.
The deal on freezing oil output is possible without Iran’s participation, Novak told the Tass news agency.
"Everything is possible because these are open documents. Everyone who wants to join this will join. As for those who do not want to join - no one will force them," he further said.
According to foreign media reports, Iranian Oil Minister Bijan Namdar Zangeneh was supposed to attend the Doha talks on April 17.
However, new reports suggest that the minister may not join the meeting.
Earlier, Zangeneh dismissed any freeze agreement that would apply to Iran as “ridiculous” because the nation aims to revive production after anti-Tehran sanctions were lifted following the implementation of the Joint Comprehensive Plan of Action (JCPOA) between Iran and six world powers on January 16.
Iran now reportedly produces around 3.1 million bpd of oil. The sanctions had cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.
While an initial accord in February between Saudi Arabia, Qatar, Russia and Venezuela to cap production at January levels temporarily helped revive oil prices, analysts believe a freeze would have little impact even if more nations join.
