Russian energy minister acknowledges Iran’s right to increase oil output

Business Materials 14 March 2016 19:03 (UTC +04:00)

Baku, Azerbaijan, March 13

By Khalid Kazimov - Trend:

Russian Energy Minister Alexander Novak has acknowledged Iran's right for increasing oil production amid ongoing talks over a plan put forward by Saudi Arabia and Russia to freeze oil production aimed at keeping prices from bottoming out.

"Increasing production is Iran's right," Mehr news agency quoted the Russian minister as saying on the sidelines of a meeting with Iranian oil Minister Bijan Namdar Zanganeh in Tehran.

Underlining the market share Iran lost during the sanctions era, Alexander Nova said that he has discussed the situation of the global oil market with Zanganeh during the meeting.

However, he further added that the oil producing countries should be concerted as the global oil market experienced sharp decline in prices over the past year and half.

Earlier, Zanganeh said that his country would not consider freezing production unless the country's output reaches four million barrels per day.

Commenting on the output freeze plan The Iranian government's spokesman, Mohammad Bagher Nobakht has also said that "the move means that they don't want to recognize Iran's right to revive its pre-sanctions output".

The OPEC members should open space for the Islamic Republic's output, he added.