ANKARA (Reuters) – Iran will continue to increase its oil production to restore the level prevailing before the imposition of international sanctions on its nuclear program, suggesting that Tehran is not particularly willing to accept to participate in concerted reduction in extractions.
“Ask Iran to freeze its oil production is illogical (…) When Iran was under the sanctions regime, some countries have increased their production, causing lower oil prices,” said Mehdi Asali, the Iranian delegate to OPEC, in an interview published Wednesday by the daily Shargh.
(…) How can they expect Iran to cooperate now and pays the price? “He added.
“We have repeatedly said that Iran would increase its crude oil production to reach the previous level of production to sanctions.”
Four major oil producers announced Tuesday have agreed to freeze production of crude but provided it is followed by other major exporters, a major potential sticking point with Iran since Tehran intends to actually increase its extractions.
Venezuelan Oil Minister Eulogio Del Pino, his Iraqi colleague Adel Abdel Mahdi and the Qatari Minister of Energy Mohammed al Sada must meet with their Iranian counterpart Bijan Zanganeh in Tehran Wednesday to reach a compromise, said a spokesman for the ministry Iranian Reuters.
According to a source, the meeting will take place at 10:30 GMT.
Iran exported around 2.5 million barrels per day (bpd) by 2012, production had been reduced to 1.1 million bpd around with sanctions. A Reuters survey published on January 5 showed Iranian production of 2.9 million bpd in December.
Those sanctions were lifted last month after an agreement between Tehran and Western powers over Iran’s nuclear program in July.
Brent crude reached 35.55 dollars on Tuesday in the hope of an agreement but has since returned to just under $ 32, which shows that many professionals are skeptical that such an agreement can be reached and, s it is, it is respected and has the effect of trace classes.