29 Mar 2024
Wednesday 30 March 2016 - 12:24
Story Code : 207400

Iran said to attend Doha talks without joining oil freeze

Iran will attend talks with fellow OPEC members and Russia in Qatar next month without joining their proposal to freeze crude oil production, according to a person familiar with the nations policy.

Oil Minister Bijan Namdar Zanganeh will attend the discussions in Doha on April 17, said the person, who asked not to be identified as the talks are private. Iran will maintain its policy of regaining market share lost during years of sanctions so wont accept limits on its output, the person said. Most OPEC members, including Saudi Arabia, have said they will go to the meeting.

By attending the freeze meeting, and yet still being able to say they managed to escape the freeze, Iran earns some brownie points with its domestic audience, said Olivier Jakob, managing director at consultant Petromatrix GmbH in Zug, Switzerland.
The proposal to cap production will help global markets gradually re-balance as rising demand whittles away a surplus, according to Saudi Arabias Oil Minister Ali al-Naimi.Brent crude, the international benchmark, has risen about 40 percent from 12-year low of $27.10 a barrel in January. Zanganeh dismissed any freeze agreement that would apply to Iran as ridiculous because the nation aims to revive production after nuclear sanctions were lifted in January.
Irans attendance means all 13 members of the Organization of Petroleum Exporting Countries except Libya are scheduled to take part in the freeze talks. While an initial accord in February between Saudi Arabia, Qatar, Russia and Venezuela to cap production at January levels helped revive oil prices, analysts including Commerzbank AG saya freeze would have little impact even if more nations join, because most arent on track to increase output anyway. Non-OPEC oil producers Argentina and Brazil dont plan to join the talks.

This article was written byGrant Smith for Bloomberg on March 29,2016.
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