14 Nov 2024
Wednesday 13 April 2016 - 15:10
Story Code : 209338

Iran oil minister to skip Doha output freeze meeting

Iranian Minister of Petroleum Bijan Namdar Zanganeh will not attend this weeks meeting among leading global oil producers to cut production, Iranian media reported Wednesday.

MOSCOW (Sputnik) The Organization ofthe Petroleum Exporting Countries (OPEC) members and non-OPEC oil producers are expected todiscuss freezing oil output tocurb oversupplies onSunday, April 17, inthe Qatari capital ofDoha.

"#Iran #oil minister will not attend #Doha oil #freezing_meeting butIran's representative will make it," the Seda weekly energy magazines senior analyst tweeted withoutnaming the replacement.

The analyst said that Zanganeh, ina letter toQatari Energy Minister Mohammed Saleh Sada, reportedly pledged that Tehran would continue ramping upproductions untilreaching pre-sanctions levels. Energy-related sanctions began tobe gradually lifted afterUN nuclear watchdogs verified Irans compliance withlast summers landmark agreement curbing the Islamic republics nuclear program.

In February, the energy ministers ofSaudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market situation inDoha and agreed to freeze oil production atJanuary levels if other countries followed suit, ina bid tokeep the oil prices fromfalling further.

Oil prices saw major declines from $115 per barrel inmid-2014 to $41.54 per barrel forWTI Crude and $44.24 per barrel forBrent asof early Wednesday.

By Sputnik News
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