Iran could join oil-output freeze group later, says OPEC chief

Iran may join other oil producers planning to cap oil production at a later date, OPEC’s secretary general Abdullah Al-Badri said at a news conference in Vienna.

Producers from the Organization of the Petroleum Exporting Countries and non-members, including Russia are set to meet on April 17 to discuss stabilizing the market and freezing production at January’s levels. Iran welcomed the idea of capping output, but said it would not commit to it at the moment as it needs to raise its exports.

"I don't expect the price will go high but I think it will go to a moderate level,” Al-Badri was quoted by CNBC as saying.

"At this time, the only problem I see is the overhang above five-year average of stocks, about 300 million barrels,” he added. "If we are able to get rid of this 300 million barrels, the overhang, then the price will come back to normal."