Iran to join oil freeze talks when output hits 4 mln bpd

Iran will discuss joining an oil production freeze with other countries once its own output reaches four million barrels per day (bpd), ISNA reported on Sunday, citing oil minister Bijan Zanganeh.

“They should leave us alone as long as Iran's crude oil has not reached 4 million. We will accompany them afterwards,” Zanganeh said, referring to potential efforts by Russian Energy Minister Alexander Novak to convince Iran to join a freeze during this week’s visit to Tehran.

Zanganeh added that $70 per barrel would be a suitable oil price, but Iran would be satisfied with less.

In February, OPEC and non-OPEC members agreed to freeze output at January levels as prices continued to fall, a measure which Iran welcomed, but would not commit to. Zanganeh later called the request to join “a joke” based on Iran’s current output levels.

Iran has been eager to regain its market share after international sanctions were lifted in January. The sanctions dropped crude export levels from 2.5 billion bpd before 2011, to just over 1 million bpd recently. Exports are set to reach 2 million bpd in the month that ends March 19, Zanganeh said.

A meeting to further discuss the freeze was planned for March 20 in Russia, but is unlikely to take place without Iran’s involvement. The Islamic Republic has yet to confirm if its representatives will attend.