February 17, 2016
TEHRAN, Iran (AP) — A senior Iranian Oil Ministry official says his country won’t freeze its oil output but will keep increasing crude exports until it reaches levels attained before international sanctions were imposed on Tehran.
The remarks by Mahdi Asali, Iran’s OPEC envoy, are a direct snub to a proposed cap to crude oil production that was agreed to by four oil-producing countries during a meeting the day before in Qatar. Asali says the fall in oil prices should be blamed on oversupply and that it’s up to Saudi Arabia and others to cut down production to boost oil prices.
Iran has already announced plans to increase its oil production by 500,000 barrels per day after sanctions were lifted last month under a landmark nuclear deal with world powers.