Iran: "Leave Us Alone" Until 4 M/bpd

On Sunday, Iran's Oil Minister Bijan Zanganeh said that it will participate in discussions about freezing oil production levels only once its output hits 4 M/bpd. Iran's Press TVreports that Russian Energy Minister Alexander Novak is visiting Tehran Monday, where he and his Iranian counterpart will discuss "oil policies."

Zanganeh reportedly said on Sunday, "I have already announced my view regarding the oil freeze and I’m saying now that as long as we have not reached 4 million (barrels per day) in production, they should leave us alone." Iran is returning to the oil market after a three year hiatus because of Western sanctions. Top Iranian officials, Zanganeh chief among them, have reiterated that the country's oil sector intends to make up for lost time, rather than cooperate with other OPEC and non-OPEC producers to freeze production in the interest of supporting prices.

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