39840
Zanganeh: Freeze Deal Means New Oil Sanctions
Energy

Zanganeh: Freeze Deal Means New Oil Sanctions

Oil Minister Bijan Namdar Zanganeh said on Monday a plan to freeze oil production, which fell through in a meeting between OPEC and non-OPEC producers in Doha, Qatar, on Sunday, is tantamount to new sanctions against Iran's oil industry.
"Once sanctions against Iran were lifted [in January], some states launched a propaganda campaign [against Iran], but taking such measures was simply an 'illusion'," Zanganeh said in a not-so-subtle jibe at Saudi Arabia, Mehr News Agency reported.
Most members of the Organization of Petroleum Exporting Countries and major outsiders, such as Russia, discussed freezing oil output at January levels to prop up sluggish prices in a meeting in Doha last week.
But the parties failed to reach an agreement after 12 hours of heated talks because Saudi Arabia insisted that Iran, who was absent in the meeting, must be part of the deal.
"Some states were against the termination of Iran's sanctions from the beginning, so they adopted whatever measures they could to lower oil prices as much as possible to heap pressure on Iran," Zanganeh said.
He added that the global oil glut is a direct consequence of those extreme measures that led to oil demand exceeding supply by two million barrels a day.
"These states are making a desperate attempt to accuse Iran of creating imbalance in the international oil market, whereas the fact of the matter is that Iran has not played the slightest role in this tragedy," he said.
According to the minister, major oil producers have planned to "freeze" Iran's oil production at sanctions level that stood at around 2.5 million bpd, which can be interpreted as a new round of sanctions against Iran's oil industry that "is no more than an illusion".
Zanganeh believes that stability of oil market cannot be restored unless OPEC and non-OPEC members show solidarity and Iranian oil officials will do their best to fulfill the immediate goal.

Short URL : http://goo.gl/1dnH86
  1. http://goo.gl/g2e9g2
  • http://goo.gl/3ppsrt
  • http://goo.gl/tccnsj
  • http://goo.gl/tMpW6K
  • http://goo.gl/nqKb5i

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Trending

Googleplus